More over-65s in work since end of compulsory retirement age

Nick Elvin

Three years after the abolition of the default retirement age, more than a million over-65s are now choosing to stay in work, according to new Department for Work and Pensions figures.

Nearly a quarter of a million more people aged 65 and over have opted to remain in employment since October 1, 2011, making the total 1,103,000, compared to 874,000 in the quarter October to December 2011 – an increase of 229,000.

The figures also show there are more 65-plus women in work than ever before (460,000), while the South East has the highest employment rates for over-65s at 12.5%. The largest increase in 65-plus employment rates since the period April 2010 to March 2011 was in Northern Ireland – where there was an increase of 2.9 percentage points.

Commenting on the statistics, Ros Altmann, the government business champion for older workers, said: “Older people are a huge resource for society and the whole economy. Indeed they have the potential to revitalise growth as more of them are working longer and staying active than ever before.

“Encouraging and enabling more later life working offers a massive potential financial boost both for individuals and the economy, as well as a more satisfying lifestyle for older generations and their families.‎ Particularly facilitating a phase of part-time working to ease people into full retirement can bring significant benefits but that means overcoming ageism and unfair negative stereotyping of older workers.”

Dr Altman said it was also important to destroy the myth that older workers somehow take the place of younger ones.

“The evidence is clear that helping older workers stay in the workplace is not only good for their own finances but also helps create more jobs for younger people too,” she added. “As older generations have extra income and spending power for the short and longer term, this can boost the outlook for the whole economy and workers of all ages.”