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Britons 'to work longer' BBC news September 3, 2003
The
research, compiled by the Future Foundation on behalf of Saga, concluded
that by 2020 nearly two million people will be working past the age of 65.
Reduced
pensions, better life expectancy and skill shortages will lead to
employers throughout the UK relying on older workers, it said. More
women are likely to be working as the state retirement age for women will
have increased to 65, in line with their male colleagues. By
2020 workforce participation rates are actually expected to be higher for
women than for men. The
study also predicts that one in three workers will be aged 50 or over by
the year 2020. In
total, 10 million workers will be over 50 - an increase from 6.9 million
people in 2002 and 5.4 million in 1992. Pensioner
poverty
At
present, four out of ten workers aged 50 and over are delaying retirement
for financial reasons. What
is more, of those already retired 7% had to delay their retirement date
due to their pension pot not being worth enough. "Given
the current economic climate and stock market conditions it is inevitable
that some people are going to be forced to work past the statutory
retirement age because they can't afford not to," said Janet
Thompson, director of corporate development at Saga. "However
it's not all negative. The increase in workers aged 65 and over is, in
part, due to the fact that a considerable number of people want to carry
on working as late as they can," she added. Copyright
© 2002 Global Action on Aging
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