More than 10 million over 50s are in work for the first time ever as employment hits a new record high
Official figures revealed the number of people with a job hit 32.2 million people in the three months to November – up 102,000 and the biggest total since records began
MORE THAN 10 million ‘golden oldie’ over 50s are in work across Britain for the first time – sending employment to a new all-time high.
Official figures yesterday revealed the number of people in work leapt 102,000 to 32.2 million in the three months to November.
And over three quarters of the growth came in the older, over 50s age group.
The number of over 50s in work rose 81,000 to 10.05 million.
Experts said the figures reflected Britain’s ageing society but also the fact that more businesses are looking to cash in on older workers “experience, talents and loyalty”.
Pensioner group Saga said there had been a “seismic” increase in the number of over 50s in work – nearly 250,000 over the past year.
Saga spokesman Lisa Harris said: “Five years ago it was 8.6 million.
“This seismic shift in the make-up of the workforce is helping to ensure that employers have a truly age diverse workforce where skills and experience are valued and shared by those of all ages.”
Economists believe that over 50s will make up more than half of the adult UK population. A 91 year-old Grandad, Tim Brogan, was last year named Britain’s oldest supermarket worker.
At the time he said: “It gets me out of the four walls of my house – I’d be bored stiff otherwise.”
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The figures also showed that the unemployment rate remained at the lowest levels for 40 years – 4.3 per cent – in November.
Average earnings rose by 2.5 per cent for the second month in a row.
City analysts said wage growth was likely to rise as firms loosen the purse strings to plug vacancies.
Paul Hollingsworth, senior UK economist at Capital Economics said there may to be THREE hikes this year with the next one in May.
Work and Pensions Secretary Esther McVey said: “We had a record breaking 2017 for employment, and I’m delighted to see this trend continue as we enter the New Year.
“The number of people in work as at an all-time high and the unemployment rate has not been this low for over 40 years.”