More ‘retired’ people working than ever before

According to the latest statistics from the ONS, Office for National Statistics, there are now double the amount of over 65’s still employed in the UK compared to 10 years ago. The proportion of people in this age group who are still working is growing steadily, both in full and part time employment.

In the three month period ending in December 2010,  2.7% of the over 65 population were in full time employment, equating to 270,00 full time positions. For the same period, there were around 600,000 working part time. In total, around 870,000 were in gainful employment, a 3% slice of the UK workforce.

For the three month period ending in March 2001, there was 1.2%, or 106,000, in full time jobs and 306,000 (3.4%) in part time jobs. The recession is blamed for more over 65’s choosing to stay in the workforce, but there are a large proportion who have been working for the same employer for many years and have chosen to stay on after retirement age.

The ONS reported that in the year end figures for the same three month period, over 83% had been with their present employer for at least five years. This figure includes 41% who had been in the same employment for twenty years.

At the other end of the scale, unemployment among the youth of our country has reached an all time high. The ONS states that the number of unemployed in the 16-24 age group has risen by 66,000 to an unprecedented 965,000. The overall unemployment rate in the UK currently stands at 7.9%, but in the 16 to 24 year olds it is 20.5%.