Not everyone who reaches state pension age in the UK actually retires. Whether for economic reasons, or the desire to stay in employment, many continue to earn a wage.
In fact, the number of over-65s still in employment has doubled since 2006, figures show.
There are now 1.26m over-65s in work compared with 607,000 in January 2006, according to the data from the Office for National Statistics.
Helen Morrissey, Royal London’s pensions specialist, said the increase has been driven by people being able to work longer because they are healthier.
Others simply want to remain in employment after the age of 65.
“They have lots to offer in terms of their experience which can be passed down to younger generations. Employers must continue to harness this valuable resource by providing working environments where older workers can thrive,” Morrissey stated.
The statistics also show unemployment dropped by 55,000 to 1.36m in the three months to July, with the unemployment rate remaining at 4%.
Wages grew faster than expected by 2.9% (excluding bonuses) – well above the three-month inflation rate of 2.4%.
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