The UK ranks 19th out of 34 countries in terms of its employment rate of older workers, according to PwC’s Golden Age Index.
Iceland tops the table, followed by New Zealand, Israel and Sweden according to the index which is based on indicators such as employment rate, earnings and training among the over 55s.
PwC estimates that the UK could boost its GDP by around 4.2% (or around £80 billion at today’s values) if its employment rate of workers over 55 could match that of Sweden, who are the highest performing EU country.
The UK has fallen a further place down the list since 2014, when it ranked 18th, and two places since 2013. PwC estimates that if OECD employers as a whole employed more older workers, this could boost GDP across the economic group by around $2 trillion in the long term.
Within the UK, England has the highest employment rate for 50 to 64-year-olds, at 70.6%, and south-east England is even higher, at 74.5%. Scotland’s employment rate for the over-50s is 68.8%, Wales is 66.5% and Northern Ireland is 63.6%. Across the UK, older female workers have a lower employment rate than their male counterparts, at 64.9% for 50-64 year olds compared to 75.4% for males.
For advice & guidance on how your company can adapt to the needs of older employees, please contact HPC. We are a UK leading specialist in Employment law, HR and Health and Safety Services, email; email@example.com, Telephone; 0844 800 5932.