Comment

Record number of over-50s workers is key to solving UK productivity puzzle

Image of an older lady working in a garden

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.”

-ENDS-

Sources contain public sector information licensed under the Open Government Licence v3.0.

1 https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/
employmentandemployeetypes/datasets/summaryoflabourmarketstatistics

2 https://www.ons.gov.uk/economy/economicoutputandproductivity/
productivitymeasures/articles/gdpandthelabourmarket/januarytomarch2019

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Fiona Whytock

Retirement, Savings & Investments


Notes to editors:

 

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