Thursday, July 14, 2011

United Kingdom: TUC Report Finds Improved Job Market for Older Workers and Retirees Since 1992

A report issued by the UK Trades Union Congress (TCU) finds that the years since 1992 have seen a significant increase in the proportion of over-50s and people over retirement age in employment. According to "Age and Gender: What has changed in the labour market in recent years," among other things, the percentage of people aged between 50 and 64 in work has risen from 56.5% in April 1992 to 64.9% in December 2010, and, over the same period, the proportion of those aged over 64 in work rose from 5.5% to 9%.

While the report also reveals that young people have become less likely to be in employment over the same period, TUC General Secretary Brendan Barber said that "It is a mistake to blame older workers for youth unemployment--they tend not to be doing the jobs young unemployed people might expect to get." Barber also said:
'Older people bring a wealth of skills and experience to the workplace. The increasing number of over 65s in work shows that older workers are highly valued and that the government is absolutely right to scrap the default retirement age.

'But there is a darker side to people to working beyond their retirement. Low wages and poor pension provision, particularly in the private sector, mean that many people simply cannot afford to retire at 65. The failure of far too many employers to help staff save for their retirement is forcing these people into pensioner poverty and placing a huge cost burden on the state.
Source: Trades Union Congress Press Release (July 13, 2011);

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