But it comes as this generation is also under increasing pressure to take on more caring responsibilities \u2013 for both their own grandchildren and older relatives who are living longer but are in poor health.<\/p>\n
Ministers want to encourage older workers to remain in employment after Cabinet Office analysis said boosting the \u201csilver economy, specifically catering for older adults, could drive innovation, export opportunities to other ageing economies, and generate employment opportunities\u201d.<\/p>\n
Ageing populations around the globe have created a market for new products and services catering to the needs of the over-50s demographic, including specialised health and wellbeing, easy-to-use smart technology and tailored leisure, travel and entertainment.<\/p>\n
Keeping this age group in work for longer could help boost their spending power in retirement, the productivity of the firms who employ them, and the economy as a whole.<\/p>\n
Research shows that the over-50s<\/a> can often be more productive than their younger colleagues, and can bring different skillsets to teams including better communication, superior problem-solving and calmness.<\/p>\n Working longer is vital to fight pensioner poverty<\/p>\n But experts warned that Sir Keir Starmer\u2019s Government has to do more to protect older employees from ageism in the workplace, and that people in their 50s and 60s unable to work due to health issues need better support to encourage them back to the office.<\/p>\n A House of Lords committee warned last month that the Government needed to make it a \u201cpriority\u201d to help the over-50s stay in work \u2013 including offering more flexible hours and getting to grips with the social care system.<\/p>\n The Lords economic affairs committee said: \u201cThe greatest improvement in fiscal outlook will\u2026 come from encouraging and incentivising those in their mid-50s to mid-60s to remain in or return to work.\u201d<\/p>\n It added that this would also \u201chelp prevent increases in pensioner poverty which, without any postponement of the age at which people stop working, can only be expected to increase as people live longer\u201d.<\/p>\n Lord Wood of Anfield, the Labour chairman of the committee and a former Downing Street adviser to Gordon Brown, told The i Paper: \u201cFrom 50 to 64, millions drop out of or reduce their work, for a range of reasons \u2013 family caring demands, inflexible work practices and difficulties in returning to work after losing their job.<\/p>\n \u201cTackling this problem of reduced working would have beneficial effects in terms of tackling pensioner poverty, pension inequality, health outcomes for older people, productivity & improving the nation\u2019s finances.<\/p>\n \u201cThe Government could explore policy options ranging from financial incentives to expanding flexible work for older workers. <\/p>\n \u201cBut the single biggest boost for higher participation in work among over-50s would be the implementation of a national care system that would relieve pressures on workers in their 50s to reduce or quit work in order to care for their loved ones.\u201d<\/p>\n Mid-life MOTs, one-to-one support and extra study<\/p>\n Starmer\u2019s Government has a range of policies designed to keep older employees working longer.<\/p>\n These include Connect to Work<\/a>, which offers one-to-one support for people of all ages with disabilities or health conditions to help them back into the workplace and the launch of the Lifelong Learning Entitlement<\/a> in September, which will allow people of any age to take on extra study to boost their job prospects.<\/p>\n The Department for Work and Pensions (DWP) also offers midlife reviews for workers to re-evaluate their skillsets, and help for older women forced to take time off due to menopause symptoms.<\/p>\n The Midlife MOT <\/a>allows users to obtain a shortlist of work, health and money resources.<\/p>\n Some businesses offer incentives to the older workforce under their own steam, such as tailored physiotherapy, flexible hours and retraining schemes.<\/p>\n A DWP spokesperson said its reforms would \u201cboost employment for people of all ages by overhauling Jobcentres and providing personalised work and skills support.<\/p>\n \u201cWe provide dedicated support to older workers via midlife reviews that encourage people to evaluate their skills, while our Menopause Employment Ambassador <\/a>[Mariella Frostrup]\u00a0is collaborating with employers to enhance workplace support for women experiencing menopause symptoms.\u201d<\/p>\n Policies must go further, experts say<\/p>\n Dr Andrea Barry, of policy and campaign group the Centre for Ageing Better, said that while the Government had rightly identified an issue with employment opportunities for those aged 16 to 24 and brought in the Youth Guarantee to get this group into employment, education or training, it needed to prioritise older employees too.<\/p>\n \u201cBoth groups of workers have much lower employment rates than the 25 to 49 age group, and both groups have their capability and value in the workforce unfairly questioned just because of their age,\u201d Barry said.<\/p>\n She urged ministers to take an \u201cage-positive\u201d and \u201cage-targeted\u201d approach, with employment support specifically \u201ctailored to the needs of 50-plus people\u201d.<\/p>\n One of the biggest reasons for people leaving the workplace in their 50s and 60s was age discrimination, Barry added: \u201cAgeism is the most widespread form of discrimination in the UK, and yet it feels like it is the least discussed.\u201d<\/p>\n What does this mean for your pension?<\/p>\n The state pension age will rise to 67 in 2028, and the age at which you can access private pensions will increase from 55 to 57 that same year.<\/p>\n Research by the Institute for Fiscal Studies found that the most recent state pension increase (from 65 to 66) led to around eight in 100 (55,000) more 65-year-olds being in paid work. There were especially big increases in employment rates in more deprived areas of the country.<\/p>\n Steve Webb, partner at pension consultants LCP and a former Lib Dem pensions minister, said: \u201cIndividuals who work for longer have more chance of building up a full state pension and it means extra years when their employer is paying into a workplace pension.\u201d<\/p>\n Putting off drawing down on your pension would make it last longer and allow this to be done at a faster rate after retirement, he added. \u201cWith the state pension age set to rise to 67 by 2028 and further increases on the cards, it will be increasingly difficult for people to drop out of work in their 50s,\u201d he said.<\/p>\n \u201cDoing so could leave them a decade or more dependent on very meagre benefits as well as undermining their future pension prospects \u2013 so it is in the interests of individuals to work longer if they can.\u201d<\/p>\n
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