Wednesday, 11 September 2019

UK Job Stats for Workers Aged 50+

The Office for National Statistics published data yesterday on employment in the UK. The numbers suggest that the rate for people aged 50+ is well below that for 25 to 49-year-olds.

The figures cover May to July 2019 and you can read the full ONS bulletin on this link.

The ONS document says that "The UK employment rate was estimated at 76.1%; this is the joint-highest on record since comparable records began in 1971 and higher than a year earlier (75.5%)". It adds that "unemployment was estimated at 3.8%; this is lower than a year earlier (4.0%) and unchanged on the quarter".

There are 27.67 million paid employees and 4.93 million self-employed in Britain right now. That seems not bad given Brexit is supposedly on the verge of taking the country into third-world status.

Click to enlarge


The employment rate for ages 50 - 64 comes in at 72.7%, which the ONS says is "a record high", and this compares with a totalled 16 - 64 average of 76.1%.

However, despite this upward trend, 72.7% lies considerably below an aggregated 85% for those aged between 25 and 49 years. Furthermore, that 76.1% total is dragged downwards by a lowly 29.6% rate for the 16 - 24 age group in full-time education being factored in.

Also consider that many in the current 50+ generation have been able to take advantage of occupational pension schemes - paying out from healthy shares and investments - certainly those started before the 2008 economic crash - and as a result could retire early.

It will be interesting to monitor future ONS data releases, particularly as the state pension retirement age heads towards 67 years.


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