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Older workers will help boost economy and jobs


A government backed report has claimed that people retiring later and staying on the workforce into their 50s creates more jobs for younger people, not fewer.

Dr Ros Altman, who is the government appointed champion for older workers, has created a report in which it reveals that keeping older people at work not only creates more jobs for young people, but can also boost wages their wages. The report also suggests that extending working lives would add £55bn a year to the UK economy, and if everyone worked one year longer, it would add 1% to annual GDP. She said:

"Academic and historical evidence shows that, far from damaging job prospects, keeping more older people in work is associated with rising employment and wages for younger people."

The report has the theory that if older people continue to work, they will have more money to spend, which would boost the economy and help create new jobs. If older people stop working they will have less disposable income, leading to less money in the economy and fewer jobs.

There is also the risk that the UK could face serious labour and skills shortages, as there will be 700,000 fewer people aged 16 to 49 in the UK, and immigration will not be able to make up for that loss.

Dr Altman has now called on the government to install a national strategy to improve adult skills, tackle age discrimination by imposing new penalties and improve job centre programmes for over 50s. She has also appealed to the media to use more images of older people, especially female presenters.

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