Insurance company Aviva has predicted that workers aged 50 and above will become the largest group in employment by 2024, representing one in three of all employees.

The firm’s claim is based on new data from the Office for National Statistics, which found that almost 10 million workers aged 50-plus are now in employment in the UK.

Alistair McQueen, savings and retirement manager at Aviva, said:

“Over-50s will become the leading group of workers within the decade and the idea of early retirement would be relegated to the dustbin of history if recent trends continued.”

Further research published this week by PwC estimated that the UK could add around 5.8 per cent to its GDP (around £105bn) if employment rates of workers aged 55 and above matched that of the highest-performing EU country, Sweden.

Shared from HRReview.