Increase in Salary and Hours for those Aged 60+
Pay for those aged over 60 has risen faster than any age group over the last two years. Between 2011 and 2013 the average annual income for those over 60 has risen by 6.1% to £17,250 which is the steepest rise of any age group and well ahead of the average 3.8% increase in earnings for all age groups. This rise in pay could also reflect an increase in the number of hours older employees are working.
There has been an increase of over 100,000 older workers in employment with the number of employed women between 60 and 62 having significantly risen between 2010 and 2014. A 5.9% increase in employers was seen when the state pension age was lifted to 62. A larger increase was seen in women aged 60-62 that are single (10.1%) than those who were in couples (4.4%) – however there was little evidence of any other statistically significant differences in response among women with different characteristics.
Sources: thisismoney.co.uk and wsandb.co.uk
