Over the past two years the older generation still working has risen by over 100,000. In other good news, these so-called ‘silver workers’ are being rewarded financially as their wages have risen more than any other age group over the same period.
According to data published by the Office for National Statistics (ONS) in conjunction with the Prudential, between 2011 and 2013, the average income for workers aged 60 and over increased by 6.1% to £17,250, compared to an average of 3.8% for other age brackets.
In addition, during this time an extra 100,000 older workers were in employment with a large section of these being in senior positions.
Roles in senior management rose most in older workers, as an extra 25% more joined the ranks in 2013 than in 2011 and earned them an extra £1,200 as their pay increased from an average of £24,000 to £25,200.
Whilst many over-60s workers continue to work due to insufficient pension savings, many are choosing to continue to work because they’d prefer not to retire. Now that companies are not allowed to force people to retire once they reach state pension age, many workers are enjoying the challenges of employment well into their late 60s and even 70s.
Employers are recognising that older people have a lot to offer the workplace, with experience and the ability to guide their younger counterparts. They are often seen as being more reliable and less likely to jump ship.
Women aged 60 and over have seen the highest wages rises, with a hefty average increase of 11.4%, compared to 4.2% for men aged over-60. However, this increase in salary could also be down to working more hours rather than getting paid more per hour.
Some people are concerned that the increasing number of ‘silver workers’ is having a knock on effect on the salary increases of younger workers, along with holding back their careers as they unable to climb the ladder.