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:
- 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.
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