Number of over-65s in work tops one Million

The work force is aging as baby boomers move toward retirement. By now, one in ten over-65 year olds are still wage-earners. This question has recently been revisited by the Office of National Statistics in the UK (ONS). When they released a report showing that the number of employees older than 65 have reached far more than 1 million, that figure made the ghost of demographic shifts a spooky reality.
Compared to the 753 thousand, which made up for 7.6% of the population in employment in 1993, figures nowadays have risen drastically. Mighty 12% of the population in employment are over 65 years of age these days, which equals 1.4 million elderly employees in the UK. The ONS said that this increase is partly caused by the fact that more people stay longer in employment but also due to higher numbers of people in that age group within the whole population. Both, the number of people in work and the employment rate for over 65s is the highest since records began. But from February to April 2013, the employment rate of over 65s was only at 9.5%!
Experts say that that those figures on the one hand reflect the willingness of people to recruit and retain older workers, which is a positive sign especially with regards to diversity, but on the other hand they also show that employees need to stay longer in employment, not for the enjoyment of work, but rather for topping up inadequate pensions. While those news certainly raise concerns, their effect on the younger generation, who is seeking jobs, is somehow unclear. According to the ONS it is ,however not problematic for the 16 to 24-year-olds. Findings show that youth unemployment rather fell by 43,000 to 950,000 lately.’ Previous statistics actually proved that countries with high employment rates of older employees at the same time show low overall unemployment rates. “The cake gets bigger”, as Diversity expert Michael Stuber explains this seemingly contradictory result, and adds “and jobs for experienced employee are typically very different from jobs for newbees”.