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:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £331 billion in assets (as at 31 December 2018). Total group assets under management at the Aviva group are £470 billion (as at 31 December 2018).
- Aviva helps people save for the future and manage the risks of everyday life; in 2017, we paid out 98% of all our claims across all our markets and insurance products. We paid £34.6 billion in benefits and claims in 2017.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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