The new government has set a target to achieve an 80% employment rate among 16-64 year olds
There is currently a gap between the peak employment years in the middle stage of people’s careers (ages 25 to 49) and those who are younger and older.
50 to 64 year olds have an employment rate of 71% (an “age gap” of 14% points with 25 to 49 year olds) and just 53% of 16 to 24 year olds are in employment (an “age gap” of 32% points with 25 to 49 year olds). Our new analysis shows that halving the “age employment gap” would achieve the government’s 80% employment ambitions.
There are a number of reasons why people may choose to not work such as early retirement but more could be done to close this gap.
Whilst the government has committed to a Youth Guarantee to help those ages 18-21 there are no guarantees for those aged over 50 who may be facing challenges in work such a long-term health conditions, caring responsibilities or disabilities.
Here at Phoenix Insights we are calling for further action for over 50s including: