New research shows there has been a significant rise in the number of older people re-joining the UK workforce during the course of the last 12 months.
According to analysis conducted by human resource development specialists Wilford Scholes, the number of pensioners in full-time employment rose by 75,000 in 2022. This represents a sevenfold net increase in the number of employees over 65 compared to the previous year.
The cost-of-living crisis and its impact on people’s retirement plans is believed to be the key driver behind this surge in ‘silver workers.’ With soaring energy and food bills increasingly denting household budgets, a notable minority of people aged over 65 seem to be deciding to re-enter the jobs market in order to make their pensions go further and last longer.
Data from recruitment agency Randstad UK has also highlighted this trend, with a significant rise in those aged over 60 registering as job candidates; the recruiter said the number of candidates over 60 applying to the agency was around 160% higher than its long-term annual average level. Randstad also puts the rise down to soaring living costs which are hitting early retirees hard in the pocket.