Older workers play vital role

THIS week saw a landmark in the British economy. Figures showed we now have more than 10million workers aged 50 and above.

For too long, there were stories of older people struggling to get work and feeling that they were on the scrapheap.

But it appears businesses are beginning to realise the untapped potential of the over-50s – and employers ignore this age group at their peril.

By the middle of the next decade, it’s predicted one in three workers will be aged over 50. Back in 1992, that figure was one in 52.

The rising state pension age means, by default, people are working for longer. But evidence shows they are happy at work.

Job satisfaction rises with age – from 73 per cent for 50-54-year-olds to 90 per cent of those aged 70+.

For workers aged 65 and above, job satisfaction is a bigger motivator than money.

Working for longer can also have a significant impact on an individual’s retirement fund.

Aviva estimate that every additional year of employment could boost an average pension pot by an extra £8000.

Businesses have a responsibility to support their older workers.

We need to extend caring leave, challenge prejudice, promote flexible working and invest in career development.

I want to see businesses retain, retrain and recruit older workers.

This is not about forcing us all to work for longer. This is about creating a culture which supports those who want to keep working.

Age should not be a barrier to an individual’s opportunity to contribute to society and the economy and to better themselves into the bargain.