According to a government-backed report, keeping older people at work can create more jobs and boost wages for younger people.
Ros Altmann, the government-appointed champion for older workers, has reported that extending working lives would add £55 billion a year to the UK economy, suggesting that if everyone worked one year longer, it would add 1% to annual GDP.
"Academic and historical evidence shows that, far from damaging job prospects, keeping more older people in work is associated with rising employment and wages for younger people.” Said Ros Altmann.
The theory goes that if older people keep working, there will be more money to spend and that lifts the economy, generating additional jobs for everyone. Equally, if older people stop working, there is less money in the economy, so fewer jobs.
