Employment rate of older women rises with pension age
● 51% increase of females age 60 to 64 since 2010 when changes came in
There has been a big increase in the number of women aged between 60 and 64 in work since the female state pension age was raised, a new study suggests.
The total has jumped by 51 per cent since 2010, when the new pension age of 65 came into effect, said Rest Less, a jobs, volunteering and guidance site for the over 50s.
There were 644,674 women aged between 60 and 64 in work at the end of 2009, but in the same period in 2019, the number was almost one million, research indicated.
This contrasts with an increase of 127,882, or 13 per cent, in the number of men working aged between 60 and 64 over the same period, said Rest Less.
Stuartlewis,founderofrest Less, said: “The rapid increase in the women’s state pension age since 2010 has had a profound impact on women in their 60s.
“The employment rate of women aged between 60 and 64 has increased from 34 per cent to 51 per cent in just 10 years.
‘”As well as adjusting to the financial implications of the new state pension age, the added frustration for many comes from the continued challenge to find meaningful work in their 60s when age discrimination in the workplace remains all too prevalent.
“Demographic changes in the UK are only moving in one direction.
“Progressive employers who start embracing age in the workplace by introducing programs to attract, engage and retain talented older workers will be the ones who prosper in the coming decade.”
Patrick Thompson of the Centre for Ageing Better, said the choice to stay in work longer would benefit some women, but not others.
He said: “For the first time in the UK there are more women aged 60-64 in work than not.
“This is a seismic shift, with profound implications for the economy and for women in later life.
“For many women this will be a positive choice, with work providing financial independence, an opportunity to save for retirement, meaning and purpose.
“For others this will be the culmination of inequalities that have built up over a lifetime, remaining in low paid, insecure or poor quality work and delaying retirement through financial necessity.”