People in the UK are living longer, and the proportion of older workers in the labour force is increasing. As the population and the workforce continue to age, to avoid a loss of labour, employers will need to increasingly draw on the skills of older workers. Employers will need to retain valuable skills of older workers, retrain them if they want to support workers to stay in the labour market and recruit them to maintain labour supply and gain the benefits of a multi-generational workforce.
There is a significant group of people aged 50 and over who ‘voluntarily’ leave the labour market, either because they want to or have planned a financially stable retirement. There is another group of the population who leave the labour market ‘involuntarily’, typically due to health, caring or redundancy reasons; some of whom could have been supported to remain in some form of work. Financial incentives or disincentives to carry on in work also help to explain patterns of retirement decisions; the incentive to work tends to decline as individuals near State Pension age as a result of changes in incentives as well as the motivation to work.
Government has now reformed legislation to create the right framework to support Fuller Working Lives, and improvements in older worker employment rates may signify that attitudes are changing.
If you are an employer or organisation, head to our For Employers page for information on how you can support the Fuller Working Lives project.
If you are a worker, check out the For Customers page for information on how the Fuller Working Lives project can support you.
For further information, check out the Top Tips and Useful Websites pages for a range of resources and support.
The Education Development Trust have produced this fantastic video, highlighting the benefits of the Fuller Working Lives initiative.