Older Workers Create Extra Jobs for Young People
With an increasing number of people aged over 50 staying in the workforce, more jobs are being created for younger people. This is aiding the economy and increasing wages for younger employees.
Extending working lives is adding £55billion a year to the UK economy – if everyone worked one year longer, it would add an extra 1% to annual GDP.
It has been predicted that if the number of over 50s leaving the workforce continues at its current rate, the UK could suffer serious labour and skill shortages. Therefore, by adding at least an extra year to working lives, the risk of this happening can be reduced.
This not only boosts the economy but also giving older workers more money to spend, which in turn creates more jobs.
Significant ageism in the workplace still exists; employees are facing barriers to promotion and training opportunities. This is causing older people to feel less needed and appreciated within their role meaning they are looking to leave work earlier. This is more common with women. Therefore, more should be done to help the older generation and to tackle age discrimination. Suggestions include: imposing new penalties and improve job centre programmes for over 50s, introducing a national strategy to improve adults’ skills and appointing a national champion for older workers.