Over-50s forced back to work to meet rising bills

By BECKY BARROW

Last updated at 23:57 13 February 2008


Bills

About 60 per cent of the people who found a job over the last year were over 50.

It means Britain's record level of employment - with 29.4million in work - is a phenomenon fuelled by the old, not the young.

Of the 296,000 jobs created over the last 12 months, 58 per cent, or 172,000, went to people born before 1958.

Experts said yesterday that the older worker boom will continue as financial problems force people to keep on working.

Many would prefer not to, but are crippled by a financial situation which leaves them with no option.

Poor pensions, sick partners, elderly parents and grown-up children who still need financial support are common causes for working, rather than retiring.

The figures, published yesterday by the Office for National Statistics, show there are 7.8million workers over 50 in Britain.

This is the highest figure since records began - and the number of older workers is growing faster than any other age group.

The Age and Employment Network estimates there are even more older workers who want jobs, but cannot get them.

Of the 1.2million people working over state pension age, they think a further 2.4million want, or need, paid work.

Chris Ball, chief executive, said: "This is not just to pay for life's little luxuries, but for the basics of food, fuel and lighting."

John Philpott, chief economist at the Chartered Institute of Personnel and Development, said older workers will become more and more common.

He predicts the average retirement age will rise to 70, a prospect which will fill many younger workers with dread.

It is the fatal combination of longer life expectancy and poorer pensions which will force them to keep earning money.

Inflation is also about 30 per cent higher for older people than it is for the rest of the country, which adds to their financial problems.

Many companies such as Nationwide, Britain's biggest building society, and B&Q are taking on older workers.

Overall, yesterday's figures showed unemployment fell to 1.6million over the last three months of last year.

But economists said this may be the calm before the storm.

Capital Economics predicts unemployment will jump by about 700,000 by the end of next year, taking it to a ten-year high.

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