17.12.14

Number of Over-50s in Work Increases

Today’s ONS figures showing a continuing rise in employment and vacancies, falls in unemployment and the claimant count and average pay rising above inflation are good news and will please Ministers. 

Employment for the over-50s rose to record overall levels for both age groups although it was not a record for 50-64 year old men. Over the past year employment amongst people aged 50-64 has risen by 192,000 (85,000 for men and 107,000 for women) and for those over the age of 65 there was an increase of 63,000 (29,000 for men and 33,000 for women). Two-thirds (66 per cent) of the overall all-age increase in employment during August to October 2014 was actually amongst the over-50s.

The fall in overall self-employment in the last three months, together with an increase in economic inactivity, falls in the unemployment and the claimant count (both short and long term)amongst 50-64 year olds indicate that, despite the headline good news on 50+ employment, it is an uneven picture and some are giving up and dropping out of the labour market altogether.