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Presentation by Chris Walsh Chair - Positive Ageing in London & Chief Executive, Wise Age

Older People, Employment & Economic Development in London. Presentation by Chris Walsh Chair - Positive Ageing in London & Chief Executive, Wise Age September 2017. Contribution of Older Working Age in London.

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Presentation by Chris Walsh Chair - Positive Ageing in London & Chief Executive, Wise Age

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  1. Older People, Employment & Economic Development in London Presentation by Chris Walsh Chair - Positive Ageing in London & Chief Executive, Wise Age September 2017

  2. Contribution of Older Working Age in London • The contribution of older Londoners to the economy &their role in employment is far greater than understood • Yet they still face discrimination - largest group of claimants by age – 50+ are 2.7% registered unemployed • High turn over of labour 700000 in London each year • No stats on people in work by age let alone also other demographics • High proportion of self employed and business owners • Large number not in work 21% & overall inactive yet over 25% want a job • Yet largest contribution to economy of any age group

  3. The Situation and Benefit of Older People to the Economy in London and the UK • Older working age people ( 50- 65+) play a key role in the UK economy - 70% employed • 3.6% on JSA - 27% workless / inactive • More 65+ in work – 1.3 million / 10% • 25-49 year olds - 82% employed • Under 25s - 60% employed • BUT 3.5 million OWA (50-65+) economically inactive • Over 1 million single women pensioners in poverty

  4. Problems affecting OWA • More 50+ made redundant – esp.. Public sector since crisis • 3.5 million over 50s without employment • For every year over 50, employment gets more difficult • Less 50+ get f/t work again (8% 55+ men) • Long term U/E 50+ rising as actual and % • If you are facing discrimination as Black or Ethnic minority person, woman, have a disability the it gets worse with age • Poverty impacts on whole family in London + pensioner poverty

  5. Lack of training opportunities • 50+ workers - 50% less training opportunities than younger workers in the UK / EU • 50+Workers have less formal qualifications • less subsidies for 50+ trainees • Less apprenticeships for 50+ • EMPLOYEES who are trained / qualified more likely to be retained / recruited

  6. THE CONTEXT • Older workforce growing in numbers and length of time required to work , 60> 67+ • Older people growing in numbers, % and income / wealth • 50 - 65 aged carers are 50% of all carers - • 65- 75 aged - more in work, + are volunteers & carers • Brexit will mean more UK people need to be employed • Over 50s benefit from specific support, eg FSF • The silver economy is a key factor in econ. Dev & growth

  7. Moral and economic Reasons for 50+ support • older workers can and do contribute to economy • CPD needed for life/ productivity • silver economy motor for growth • age diversity > profits, productivity, morale • 50+ OWA finish & pass training more & more loyal • Ageism is wrong, unfair & illegal

  8. What do OWA people offer • OWA = experience, • Wisdom • knowledge, - ‘the memory’ of a company / sector • commitment • loyalty • less time off • better value than middle age • Younger workers benefit from OWA support / mentoring • Employers gain profits, productivity and staff retention

  9. The demographics of 50+ • 50 -65+ in work, heads of households, carers, high disposable income, active consumers BUT also unemployed / stressed / poor • 65- 75/ 80 – active pensioners - more in work, high % volunteers, carers, active consumers, fitter, happier, wealth providers, BUT pensioner poverty – 1 million single older women pensioners –60% under tax levels ( £11k p/a) • Elderly ( 80+) not all frail, see Queen, David Attenborough - need health, social care, support, danger of poverty • OWA similar disadvantages to younger workers ( under 25) exclusion from employment, less opportunities full time employment & less pay than majority employees ( 25- 49) ,affected by cuts - benefits, comp spending review • the older working age part of growth of the silver economy + can help understand & service it

  10. The Silver Economy in London & UK • 2.2 MILLION OVER 50S LIVE IN LONDON • £47 BILLION INCOME FROM 50+ LONDONERS • £6.4 BILLION CONTRIBUTION FROM OVER 65SIN LONDON ( EARNINGS, VOLUNTEERING) • GROWTH OF NUMBER OF OLDER LONDONERS IN WORK, VOLUNTEERING, RUNNING THEIR OWN BUSINESSES • GROWTH OF NUMBER AND WEALTH OF OLDER LONDONERS AS CONSUMERS • RISE IN DIVERSITY OF OLDER ( 65+) LONDONERS ( 22% BAME, 37% BORN ABROAD, 100,000LGBT) • SILVER ECON IS MOTOR FOR GROWTH. SECTORS INCLUDE TOURISM, HOSPITALITY, HEALTH & WELLBEING, RESTAURANTS, U3A, CLOTHES, MUSIC & EVENTS + HOME IMPROVEMENT, IT & LEAISURE GOODS, • PLUS HEALTH & SOCIAL CARE. S.E. IS LABOUR INTENSIVE • OLDER PEOPLE PREFER OPTION OF USING OLDER WORKERS

  11. WHAT NEEDS TO BE DONE ? • Mayors strategy has to recognise econ. contribution of older Londoners 2) We need stats on older & diverse Londoners + annual report on age & employment by GLA / TFL, Boroughs 3) More training & support for 50+ U/E 4) Promote benefits of OWA & Age Diversity to employers & media / public

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