The gap between the employment rate of 50- to 64-year-olds and under-50s may be at its narrowest in 25 years as the proportion of older workers grows far more rapidly.
New analysis of Office for National Statistics figures by jobs website Rest Less, also suggested that employment rate among the 50-64 age group has increased from 56% in 1992 to 72% in 2018. The employment rate of 16-49s in contrast has grown much less, from 73% in 1992 to 78% today.
Stuart Lewis, founder of Rest Less, said the employment rate of 16-49s had always been significantly higher than the older age group but “the proportion of 50-64 year olds in work … is quickly gaining ground on the 16-49s.”
He suggested that the rising state pension age coupled with the move away from the security of final salary pension schemes was forcing many people to work for many years longer than they might have planned. In addition, there was now wider appreciation of the health, social and wellbeing benefits of remaining in work for longer.
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