More than 200,000 employees now work at organisations that have signed the pledge, while in excess of 130 additional employers have registered an interest in joining the scheme since its launch on November 30.
The nationwide programme requires employers to commit to taking one action a year to improve the recruitment, retention and development of older workers.
Organisations across the country, from the Isle of Wight to Warrington and from Llandovery to Lincoln have signed the pledge and from a broad range of sectors including recruitment, construction, health and social care, charity, manufacturing, finance, leisure and hospitality. Around half of businesses and organisations to have signed the pledge are SMEs with fewer than 50 employees, while one in four are larger employers with more than 1,000 employees.
The pledge has launched as the issue of economic inactivity among older workers has risen in importance for the government. Chancellor Jeremy Hunt highlighted the value of older workers during last week’s budget speech while announcing new policies intended to help more older people back into work. Work and Pensions Minister Mel Stride is leading a review of economic inactivity, due to conclude in May, while a House of Lords report published in December cited earlier retirement as the biggest factor behind the UK’s skills and labour shortages and warned the rise in inactivity poses serious challenges to the UK economy.
The number of inactive 50 to 64 year olds has increased by 320,000 since before the pandemic, with this age group accounting for 65% of the increase in working-age inactivity over this period. The employment gap between 35-49 and 50-64 year olds now stands at 14.6 percentage points – 1.5 percentage points higher than at the start of the pandemic.