New data shows that the over-50s age group has benefited from a 90 per cent boost in employment levels over the last decade.
Research from global bank Citi, based on figures from the Office for National Statistics (ONS), show the over-50s age group has seen a 93 per cent increase for jobs in London and the rest of the UK over the last 10 years. This is a rise in 1.5 million workers.
Many experts claim that people are working later in to their lifetime and after the retirement age due to the fact that pension values have plunged in the recession and the cost of living has risen.
However, it is claimed that this rise in employment for the older workers is taking away jobs from the younger generation. According to the statistics, employment for those under 50 has only increased by 0.6 per cent – or 120,000 jobs – in the last decade.
Commenting on the situation, Citi economist, Michael Saunders, told thesundaytimes.co.uk: “The ageing of the population and workforce is inevitable and reinforces the likelihood that the UK will have sluggish growth in domestic demand, productivity and real pay.”
It was also revealed last month by ONS that the number of 50-64 year olds who are now self-employed has risen by 15 per cent in the last four years. This is an increase of 185,000 workers.