Economic potential of older workers


Supporting older workers to help them stay in good-quality employment could unlock huge economic potential, according to a report from the Centre for Ageing Better.


The charitable foundation’s A silver living for the UK economy reveals that older workers who become unemployed remain so for longer than people of other ages. 


The centre said that halving the “employment gap” between people in the 50 to pension-age group and those in their 40s would increase National Insurance receipts by 1% to just under £3 billion, and GDP by 1% up to £18 billion.


The report has a checklist of actions that government and employers can take to support better quality work for older people.


These include access to flexible working hours and workplace adaptations so employees can manage caring responsibilities or work around health conditions.


Patrick Thomson, senior programme manager at the Centre for Ageing Better, said older workers are “integral” to the future of the UK economy.


“Being in work is a way of redistributing income via the tax system for all. It reduces the welfare bill and promotes savings and financial independence in retirement,” he said.


https://www.ageing-better.org.uk/publications/silver-lining-uk-economy