Employers attitudes to older workers are changing along with their desire to remain in the workforce

When the Treasury published its first Intergenerational Report (IGR) in May 2002, it alerted governments to the looming problem of an ageing population.

A smaller proportion of the population would be working to support a growing proportion in retirement and relying on government services, notably health care, and income support.

It was a fiscal disaster waiting to happen.

And one way to avert it would be to encourage older workers to stay in the labour market for longer before retiring.

But things have moved faster than expected, partly because the global crisis has forced many to delay retirement.

Participation rates for mature age groups are tracking well above the projections from the 2002 IGR.

For example, the participation rate for women in the 60 to 64 years age group was projected to rise from 22 per cent to 27 per cent over 40 years.

But it’s skyrocketed past that rate in only 10 years, averaging 44 per cent in past year.

And of the 4.46 million people in the labour force in the 45 to 69 age group, only 145,000 or 3.3 per cent of them are unemployed.

But they spend a lot, lot longer out of work – 62 weeks, on average, compared with 29 weeks for the under-45s…

via Attitudes to older workers thawing | News | Business Spectator.