• Official labour market data reveals over 50s are by far the biggest contributors to surging UK employment figures
• Some 305,000 more people aged 50 or over in employment year-on-year, with 80,000 of these aged 65+
• Total employment across all age groups increased by 357,000 over the period
Tom Selby, senior analyst at AJ Bell, comments:
“When you dig beneath the headline figures it becomes clear the UK’s jobs ‘miracle’ is in fact almost entirely driven by older workers.
“The number of workers aged 50 or older rose by a staggering 305,000 in the most recent jobs figures, representing the lion’s share of the total 357,000 increase.
“In fact, the number of workers under age 24 dropped by 43,000 during the year while those aged 65 or older rose by 80,000.
“This will at least in part reflect state pension age increases, with women seeing their state pension age rise to 65 during 2018.
“In addition, the transition towards a state pension age of 66 began at the back end of last year, pushing back the state pension age of the first cohort affected by up to 3 months.
“Improvements in healthcare have also helped drive rapid increases in average life expectancy over recent decades, meaning older people are now healthier and more active than ever before. For many, working into their 60s and beyond, whether full or part-time, is a choice which allows them to enjoy a better lifestyle in their later years.
“However, there will be others – particularly those in physically demanding jobs - for whom working beyond state pension age is a necessary burden as they have failed to save enough to retire.”
