NEWS:

Baroness Sally Greengross, Chief Executive of ILC-UK said:

“Over the last year we have seen an astonishing increase in the proportion of older workers. We have seen an almost 15% rise in the employment of workers aged over 65 over the past twelve months. 885,000 workers now work past the age of 65.

The growth in the number of older workers is good for the economy. Research published in 2009 [1] found that continuing patterns of early retirement could result in higher taxes and falling standards of living.

But whilst progress is being made, far too many people continue to retire too early. We need much more investment in preventative healthcare for all ages to ensure that ill health doesn’t force people out of the workforce earlier than it should. We also need employees and employers to move towards more flexible working and gradual retirement. “

Ends

Contact: David Sinclair, ILC-UK 02073400440

NOTES

1. Les Mayhew (2009) Increasing longevity and the economic value of healthy ageing and working longer, Cass Business School

Labour Market Statistics, published on 13th April, are available at: http://www.statistics.gov.uk/pdfdir/lmsuk0411.pdf

The International Longevity Centre-UK is the leading think tank on longevity and demographic change. It is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change. We develop ideas, undertake research and create a forum for debate.

ILC-UK published a report in 2010 (Berry 2010) which set out why people retire when they do and examined how this may change in the future. The Future of Retirement, by Dr Craig Berry, is available on the ILC-UK website at: http://www.ilcuk.org.uk/files/pdf_pdf_134.pdf

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