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Over 50s a major untapped resource
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PostPosted: Thu Mar 12, 2015 7:55 am 

Joined: Tue Mar 10, 2009 1:21 pm
Posts: 1457
Location: Hampshire
Overcoming barriers to later life working can boost prospects for old and young and boost growth, according to a report by the government's business champion for older workers, Ros Altmann.

The report 'A New Vision for Older Workers - Retain, Retrain, Recruit' identifies significant failings in labour market practice and a lack of joined-up government policy for the ageing workforce which will mean lower economic growth and greater burdens on younger generations in future years.

The report puts forward wide-ranging recommendations to Government, Business, media and individuals themselves which would address these failings to the benefit of us all.

It says:

Older workers could boost the economy: Research by the NIESR shows that if all over 50s worked an extra 3 years this would add a massive £55bn a year to our economy (up to 3.25% to real GDP per year) by 2033 which is equivalent to an extra £55 billion in 2014 GDP terms. Even if everyone worked one year longer it could add 1% to growth.

Higher lifetime income and higher pensions: Enabling those who want to keep working in later life to do so, can mean higher lifetime income for millions of people, more output and spending power in the economy which will mean higher economic growth and better living standards for all of us. If individuals work three years longer on average earnings of £25,000 a year, they would earn an extra £75,000 in their lifetime and could have a pension 13% larger to spend for the rest of their life.

Altmann says: "I hope this report marks the beginning of a great national debate. My findings and recommendations have the power to improve the working lives and the lifetime incomes of Britain's over 50s. They could also transform the long-term future of British business and the economy.

"The over 50s are a major untapped resource - a hidden talent pool that can boost output, employment and living standards now and in the future. Academic and historical evidence shows that, far from damaging job prospects, keeping more older people in work is associated with rising employment and wages for younger people."


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