What retirement? Number of over-65s still grafting doubles
THE number of over-65s still at work has more than doubled in two decades.
Around 1.2 million are grafting past the state pension age – 742,000 men and 454,000 women – according to figures released yesterday.
It amounts to 10.4 per cent of pensioners, compared to five per cent in 1998.
Sarah Coates, of the Office for National Statistics, said the main reason was because many were not ready to stop work.
The second commonest reason was lack of cash but only seven per cent were trying to boost their pension pots.
Tory former pensions minister Baroness Altmann said: “It’s time to ditch the old stereotypes of the over-65s being expected not to work.
“Most people are healthier and living longer, which means they can keep using their skills and experience to increase their income and keep contributing to the economy.” Overall, 57.3 per cent of over-65s still at work are part-timers, 42.7 per cent are full-time and 34.2 per cent are self-employed.
According to the last census, some 16.7 per cent were in wholesale or retail jobs.
Nearly 12 per cent worked in health or social work, 9.7 per cent in manufacturing, 9.4 per cent in education and 7.8 per cent in professional, scientific and technical jobs. Even construction still employs eight per cent of those still work at that age. Caroline Abrahams, of Age UK, said: “More over-65s are working than ever before and that can only be a good thing for the UK economy.
“The skills many older workers bring are extremely valuable and a growing number of businesses are using this to their advantage.
“It’s important everyone who wants to work is given every opportunity.”