Commenting, Alistair McQueen, Head of Savings & Retirement at Aviva said:
“Today’s official employment figures report that there are more people aged 50-and-over in work than ever before – 10.45 million.1 And this population is booming. Since this time last year, the total number of people in employment in the UK has risen by 354,000, to 32.69 million. A staggering 86% of this increase (304,000) has been in the 50-and-over age group. It is, by far, the fastest growing employee age group in the UK.
“At the same time, today’s official productivity figures2 show that labour productivity (output per hour) continues to fall, down 0.2% on the same quarter last year.
“At Aviva, we believe the UK’s booming over-50s population is the key to solving the UK’s productivity puzzle. However, the UK must invest in its growing 50-and-over working population to reverse this punishing drop in productivity.
“Aviva is leading the way by investing in a “Mid-Life MOT” for its people aged 45-and-over, providing guidance on how to manage our wealth, work, and wellbeing from this critical point in our career. The Mid-Life MOT is an investment in our people and in UK plc, ensuring that age is no barrier to opportunity.”
Sources contain public sector information licensed under the Open Government Licence v3.0.
Notes to editors:
- For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/
- Aviva is a leading international savings, retirement and insurance business. We exist to be with people when it really matters, throughout their lives – to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being ‘with you today, for a better tomorrow’.
- Our vision is to earn our customers’ trust as the best place to save for the future, navigate retirement and insure what matters most to them. In 2019, we paid £33.2 billion in claims and benefits on behalf of our 33.4 million customers.
- We operate through five business divisions: Investments, Savings & Retirement; UK Life; General Insurance; Europe Life; and Asia Life; and focus on three strategic priorities: deliver great customer outcomes, excel at the fundamentals and invest in sustainable growth.
- Total group assets under management at Aviva group are £510 billion and our Solvency II capital surplus is £12.6 billion (FY19). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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