A new Office for National Statistics report shows that the number of senior workers in the UK has doubled in the last ten years. Businesses are becoming greyer as more employees hold onto their jobs instead of retiring.
In June this year, the number of UK workers aged over 65 reached one million – an incredible milestone for the country’s labour market. The news caused approval in some quarters and concern in others, largely for the country’s economic future.
A large number of labour market analysts and economists are concerned that rising living costs are keeping senior workers in the labour market for longer than in years past. They contend that the over-65s are reducing work for the younger generation.
The data certainly supports their concerns. Information from the Office for National Statistics indicates that despite declining levels of unemployment, young people in Britain face a difficult job market that’s short of appropriate entry-level positions.
The declining unemployment rate is not systematic – certain demographics are less likely to be employed than in the past. Workers aged 16-24, for example, face a job market that’s turning to older, more experienced people in their place.
Many employers are becoming increasingly more selective and insular, hiring from within for mid-level positions and raising their requirements for entry-level jobs. A university qualification is now a requirement for many entry-level positions.
The rising cost of living is cited as a reason for the surge in over-65s remaining in the labour force. Jim Hillage, of the Institute for Employment Studies, claims that a rise in over-65s ‘may reflect the needs that some older people have to top up inadequate pension arrangements.’
For seniors struggling with inadequate pensions and young professionals fighting for a chance at entry-level positions, the rising cost of living and surge in the total number of senior workers is a major concern.
