Author: Age Cymru
Published on 13 June 2012 01:30 PM
Commenting on figures issued today by the Office for National Statistics about changes in levels and employment rates among older workers, Age Cymru’s Head of Public Affairs Graeme Francis, says:
“There are a number of reasons why more of us are staying in work beyond State Pension age and everyone has their own individual circumstances and reasons.
“For some people it is a positive choice reflecting the fact that people are generally living for longer in better health and want to continue to earn a living and contribute to society through work.
“The figures show that many of those doing so are in highly skilled jobs and are self-employed so are therefore generating wealth for the country.
“Whilst continuing in work past State Pension age should remain an individual choice, the fact that more people are doing so should be welcomed as a very positive thing for the economy.
“Other people will feel that they need to continue working because of financial pressures.
“Some people tell us that they simply cannot afford to retire.
“This reflects the rising costs of living, and the fact that for many people the state pension and their own savings are not enough to enable them to sustain their standard of living in retirement.
“Alongside planned increases in the State Pension age we need more action to improve the value of the State Pension and to provide better options for private and occupational pensions to encourage more people to save for their retirement.
“The fact that Wales is below the UK average in these figures likely reflects the fact that there are fewer jobs overall In Wales.
“Nevertheless, we believe that the Welsh Government could be doing more to provide older people with the opportunities to learn new skills and find appropriate new work.
"Current training and work programmes offer very little direct support to people in their 50s and 60s and people in this age group are the most likely to remain unemployed for 12 months or more.”