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The ageing workforce

Workers are getting older. This is a symptom of structural economic failure.
The ageing workforce

The UK’s labour market is no place for the young. Latest figures show that 346,000 people aged under 24 have lost their jobs in the last 12 months, a drop of over 9 per cent. By contrast, over-50s have seen employment fall by just 1.2 per cent.

This is partly a sectoral story: young people are disproportionately likely to work in hospitality, which has been hardest-hit by the downturn.

But it has accelerated a long-term trend for more oldsters to be in work and fewer youngsters. Since the mid-1990s the proportion of over 65s in work has doubled from 5 to over 10 per cent and the proportion of 50-64 year-olds in work has risen from 58 per cent to over 71 per cent. Meanwhile the proportion of 18-24 year-olds in work has dropped from 66 to 60 per cent.

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