No end to loss of older workers from labour market without greater targeted action

The latest ONS Labour Market stats this morning show that older workers disengagement with employment continues to be one of the key issues when it comes to resolving the country’s labour and skills shortage.

Ageing Better believes the post-pandemic trend for older workers leaving the labour market is having a detrimental impact on the growth of the country’s economy. We're calling on more action from employers and government to ensure that work remains an attractive option for older workers.

And that is why Ageing Better is launching a new national initiative at the end of the month for employers who want to make the most of what older workers have to offer.

“The figures released today show 27.3% of all people aged 50-64 are ‘economically inactive’ – neither in work nor looking for work – up from 25.4% before the start of the pandemic.

“The employment rate for people aged 35-49 has recovered, with 85.6% of people in this age group in employment again.

“Unfortunately the same cannot be said for the 50-64 group (70.5%), with the employment gap between the two age groups now rising to 15 percentage points.

“Older workers are absolutely essential to fill the skills and labour shortages in this country and to drive up growth. It is clear that this issue is not going away by itself and we need concerted and targeted efforts from both government and employers to attract and retain more older workers in employment.

"That is why the Centre for Ageing Better is launching a new national initiative at the end of the month for employers who want to make the most of what older workers have to offer. Now more than ever, the older workforce is the workforce and the employers that truly grasp this can reap the substantial benefits of a multigenerational workforce.”