New ONS labour market figures1 report that there are more people in employment today in the UK than ever before – 32.75 million.
Aviva’s analysis identifies that the over-50s have driven an incredible 90% of this employment growth over the past year. 319,000 of the 354,000 additional workers have been recorded in the over-50 age group.
Many are choosing to work longer, and many are having to work longer, to pay for a longer life in retirement. Employers must respond to this change in the employment market. Aviva is investing in ‘Mid-Life MOTs’ for its employees aged 45 and over, to ensure that age represents no barrier to opportunity.
Commenting, Alistair McQueen, Head of Savings & Retirement at Aviva said:
“Our working lives are changing, fast. A record number of us are working deep into our later lives. Today, there are 1.33 million people working beyond the age of 65 – more than ever before.
“Many are choosing to work longer. Many others are having to work longer to fund longer life in retirement.
“Forward-thinking employers will respond to this changing world, and they will be rewarded for doing so, securing and retaining the best of this booming population.
“Aviva is investing in Mid-Life MOTs to provide targeted support for its employees aged 45 and over. Aviva is committed to ensuring that age is no barrier to opportunity.”
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Sources contain public sector information licensed under the Open Government Licence v3.0.
1.ONS Labour Market Statistics UK, July 2019 https://www.ons.gov.uk/employmentandlabourmarket/peoplein-work/employmentandemployeetypes/bulletins/uklabourmarket/july2019
Notes to editors:
- Aviva is a leading international savings, retirement and insurance business.
- Our aim is to earn our customers’ trust as the best place to save for the future, navigate retirement and insure what matters most to them. Last year, we paid c.£33 billion in claims and benefits on behalf of our 33 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 £501 billion (as at 30 June 2019) and our Solvency ratio is 195% (3Q19). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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