Prior to the outbreak of COVID-19, the number of over 50s in the workforce had been steadily increasing. There were 4 million more workers in this age group than in 2000. This means approximately one in three workers are now over 50, and demographically those numbers are set to increase as the number of younger workers falls.
Much of this increase can be put down to a generation of women whose working life may have benefited from policy changes such statutory maternity leave and equal pay, and changing expectations of work after marriage. These women have been at the forefront of a significant shift in our labour market, which enabled them to pursue lifelong careers and pave the way for better representation of their gender.
It has not been an easy road to walk. Often they have needed to fulfil the intentions of policymakers themselves by negotiating and pushing at doors that were not always open and proving that policy concepts can be made to work in practice.
Although participation is increasing, there is still some way to go. The number of women in paid work in their 60s is still almost half the rate of men. While the gender pay gap is now very narrow for the youngest age groups, it is most pronounced for women in their 50s and 60s. By any measure of wealth women are approximately 10% worse off than men, and that is before even considering women’s significantly smaller pension pots.