The UK employment rates of men and women aged between 50 and state pension age (60 for women, 65 for men) in winter 2003/4 were 72 per cent and 67 per cent respectively.
Over the last decade there has been an increase in employment among older people. The proportion of women in their fifties in employment increased from around 59 per cent in early 1993 to a high of 67 per cent in winter 2003/4. For men aged 50 to 64 the employment rate followed a similar pattern, increasing from 65 per cent to 72 per cent over the period.
As a result of this upward trend in the employment rate of older workers, the gap between them and the working age group as a whole has narrowed. Older workers still have a lower employment rate, though the gap for women is quiet small, and certainly smaller than that for men.
For some older people, part-time work may act as a bridge between full-time work and retirement. A slightly higher proportion of men in the 50 to 64 age group now work part-time than ten years ago – 5 per cent in winter 2003/4 compared with 3 per cent in 1993/4. For men in this age group, part-time work still remains relatively uncommon compared with full-time work.
The picture for women is rather different. Among women in their fifties, 32 per cent worked full-time in winter 2003/4 and only slightly fewer (28 per cent) worked part-time.
For both men and women who are in work after state pension age, part-time work is more prevalent than full-time work.
Men who were self-employed in their fifties are much more likely than those who were employees to still be working ten years later. In addition, workers who are over state pension age also are twice as likely to be employed in small companies with 1 to 10 staff and far less likely to be employed in larger organisations with over 50 staff.
Unemployment rates are low for older people, well below the national average. In winter 2003/4, 3.3 per cent of economically active men aged 50 and over and 2.3 per cent of economically active women of the same age were unemployed. This is partly due to the choice of some to take early retirement.
The vast majority of those out of work in the 50 to state pension age group are economically inactive rather than unemployed. Despite a decline in the last few years, economic inactivity rates for men and women aged 50 to state pension age were 25 per cent and 32 per cent respectively in winter 2003/4. Inactivity rates increase dramatically beyond state pension age.
Source: Labour Force Survey
Notes: State pension age for women is 60 & 65 yrs for men.
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