The 50+ Employment Taskforce urges the UK government to urgently address the employment challenges facing older workers to achieve an 80% employment rate. Current statistics show a significant gap between younger and older workers, with employment for 50-64 year-olds at 71.6%. The Taskforce proposes targets of 80% for 50-59 year-olds and 55% for 60-66 year-olds over the next decade. With many older workers at risk of financial insecurity due to the rising pension age, the Taskforce stresses the importance of reintegrating them into the workforce.
The government must show greater ambition and urgency in addressing the employment prospects of older workers if it hopes to meet its goal of an 80% employment rate.
With the state pension age rising to 67 next year, around 900,000 people aged 50-66 who are unemployed or inactive but still keen to work risk being left behind.
Poverty among 60-64-year-olds is the highest of any adult group over 25, and the last time the pension age rose, poverty rates doubled for those on the brink of eligibility.
Reintegrating just half of this group could be enough to help the government meet its 80% employment target.
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