Working until you drop

As these austere times are threatening to go on for some time - it is little wonder that the latest Office for National Statistics (ONS) figures reveal more older people are still at work than ever before.

According to the ONS, in 2001, around 412,000 people aged 65 and over were in work, but this rose to 870,000 in the last quarter of 2010.

This could be because employers are keen to hang onto their loyal employees, know they can trust them and also because they can do the job with their eyes shut.

Due to a combination of low interest rates (older people tend to have at least some savings to fall back on), rising costs of living, poor return on pensions and the desire to keep on working - it is little wonder that older people want to hang onto their jobs. Why shouldn't they?

Working until you drop is not the nicest thing to think about - but it is going to happen a lot more.

In the words of ONS statistician Jamie Jenkins: “Over the last decade these older workers are making up an increasing percentage of the total workforce in the UK, doubling from 1.5 per cent in 2001, to 3.0 per cent in 2010. Around two-thirds of those in work after reaching the age of 65 have been with their current employer for over 10 years.”

However this is not the best news for struggling younger people, who are trying to get their foot in the job market door.

Personally I think there are benefits to employing people at both end of the scale and having a balanced workforce of people of all ages. 

That said I'm pretty glad I am not trying to get into the job market at the moment, or contemplating retirement. Neither are attractive propositions at the moment.

For once, I'm happy to be in the middle.