According to 50+ Employment Taskforce, the government should see more ambition and urgency in addressing the employment prospects of old workers, if it expects to meet its target of 80% employment rate.
Responding to the latest data from the office for national statistics, which reveals a significant employment difference between young and old workers, the taskforce is calling the government to adopt specific goals: 50-59-year-old children's employment rates up to 80%, and up to 60–66-year children in the next decade.
Current labor market figures show employment between 71.6% among children of 50-64-year, which is far behind the rate of 85.7% for 35–49-year children. Employment gap between these age groups has widened the post -pandemic up to 14.1 percentage points, compared to 13.1 East -2020. Now about one million older older workers are classified as economically passive before Covid-19.
Taskforce – A coalition of major organizations including Center for Azing Better, The Learning and Work Institute, The Health Foundation and Edge UK warns that the age of the state pension is growing to 67 next year, about 900,000 people who are unemployed or inactive, but are still anxious to work. Reinstating only half of this group can be enough to help the government to meet its 80% employment target.
Dr. Emily Andrews, Deputy Director for Work at Center for Aging Better, said:
“We need to have more ambitions than the government to keep the old people in the employees. Many of their 60s are already facing serious financial pressure. Poverty among children of 60-64-year is the highest in any adult group more than 25, and last time the age of pension increases, poverty is doubled for them.”
When this old worker comes to employment, the UK is left behind from comparable countries. While the employment rate for people aged 25-54 matches other high-performing economies such as Switzerland, Netherlands and Iceland, the UK is 16 percent marks behind Iceland for 55–64-year children.
Lead Economist Christopher Rocks at The Health Foundation insisted that good work is necessary not only for economic productivity, but also for health in later life.
“If the government wants to increase the age of state pension continuously, it should support flexible, safe and well -designed jobs that adjust health needs and care responsibilities,” he said.
Alice Martin of the Work Foundation at Lancaster University said that without structural changes, old workers are excluded from the labor market when the economy needs them the most.
“The age of the rising pension and the lack of sector-wide labor makes it necessary to support the old workers. Millions of risks are pushed out of the workforce unless we provide jobs that adjust the realities of care, health and later life.”
Patrick Thompson of Phoenix Insights indicated the retirement savings interval: “The defined contribution is likely to retire most of the pension with less than their requirement. It is important to enable old workers to stay employed for a long time – not only for their future financial safety, but also for their good.”
Stephen Evans, Chief Executive Officer of Learning and Work Institute, said that recruitment practices required work, health and skill services along with changes in recruitment practices.
“Employers should look seriously on job design and support systems that allow old people to continue working. We have to unlock the entire capacity of this experienced and skilled workforce.”
Caroline Abraham, Charity Director in the UK, strengthened that old workers face unique obstacles – from health status and duties taking care of duties.
“We need immediate policy action to ensure that older people can either live with the current employers or get new, meaningful work. With the right support, we can unlock a huge, under -ujated talent pool.”
The taskforce has called for coordinated efforts from the Central and Regional Governments, employers and civil society to distribute policies that help the old workers reach good jobs, to be productive and support the UK's economic development ambitions.
Jamie young
Jamie is a senior reporter in Business Matters, who is bringing more than a decade experience in UK SME business reporting. Jamie holds a degree in business administration and regularly participates in industry conferences and workshops. When not reporting the latest commercial developments, Jamie has emotional about advising journalists and entrepreneurs to motivate the next generation business leaders.