23 October 2014
Illuminating the employment challenges of the over 50s.
Working with The Prince’s Initiative for Mature Enterprise (PRIME) and Business In The Community, The Internation al Longevity Centre have published a major new report about the challenges facing older workers, The missing million: illuminating the employment challenges of the over 50s. This is the first in a series of three reports being published on this topic over the next year.
The research demonstrates that of the 3.3 million economically inactive people aged 50-64, approximately 1 million people have been made ‘involuntarily workless’ - pushed out of their previous job as a result of ‘shocks’, a combination of redundancy, ill health or early retirement. This has created a silent majority’, where millions of over 50s are not working but would like to and are not receiving the help they need.
The research also shows that if people aged over 50 are helped back into employment, it does not mean that younger people are ‘crowded out ‘of the labour market. Helping older people back into the labour market could also lead to a potential £88 billion boost to the UK GDP. Most importantly securing employment for older people will transform their lives and offer them the opportunity of a brighter, more secure future.
Two further reports will be published following this paper on employment solutions and benefits of maintaining an older workforce.