The Institute for Fiscal Studies (IFS) have released a new report entitled “Changing patterns of work at older ages”.
In the report, they provide fresh evidence on the nature of paid work at older ages, how employment patterns differ for people in different circumstances and how the situation is changing over time.
In 2019, around 10 million, or 61%, of 50- to 69-year-olds were in paid work. This meant they accounted for 31% of the workforce in the UK, up from just 21% in 1992.
The key findings of the report were:
- Older workers, particularly those aged over 65, have been more likely to be furloughed than middle-aged workers. At the end of April 2021, 14% of workers over 65 were furloughed, compared with 10% of those aged 40–49. There may well be significant numbers of older jobseekers in coming months.
- Finding new work may be challenging for people in their 50s and 60s as they do not have much recent experience of searching for work. 69% of 55-year-old workers have been with their employer for more than five years. Only 4% of older workers typically change employer in a single year.
- 16% of 50- to 69-year-olds in employment would like to work fewer hours, up from around 14% prior to the Great Recession. For some older workers, part-time work acts as a way of making a gradual transition towards retirement.
- Half of full-time workers move straight into non-working retirement, without any intermediate steps.
- The position in the labour market of people in their 50s and 60s with long-standing health conditions requires special attention. 39% of workers aged 50–69 report a long-standing health problem. Some people in their 50s and 60s with long-standing health problems may have preferred, and been able, to stay in work if they had more flexibility or better support.
To read the full report, visit the IFS website. The report was launched at an event on 17 June which is also available to watch on the IFS website.