Money Box Live: Older Workers

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 17 July 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

The number of people working into their late 60s, their 70s and beyond is rising. In this programme we'll discuss what that means for their employment rights and what it tells us about their finances.

Back in the 90s, only around 5% of peopled aged 65 or older were in work. In the early 2000s, that rose to around 6%. But recently released data from the Office for National Statistics shows that today almost 12% of people in that age group are in some form of employment. That's almost one and a half million people.

Felicity Hannah is joined by older workers to explore their finances, their struggles and their rights to challenge discrimination. She'll be joined by Dr Emily Andrews, Deputy Director for Work at the Centre for Aging Better, and Sarah Jackman, an employment lawyer at the law firm Dentons.

Presented and Produced by Felicity Hannah Studio production: Amber Mehmood Editor: Sara Wadeson

(First broadcast 3pm Wednesday 19th June, 2024)

Transcript

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0:00.0	On a winter's night in 1974, a crime took place that would obsess the nation.
0:07.0	It was an extraordinary news story.
0:09.0	The story of an aristocrat, Lord Lucan, who's said to have killed the family Nanny,
0:14.0	mistaking her for his wife, then somehow just disappeared.
0:18.0	One of the great mysteries in English criminal history. We're still looking for Lucan.
0:22.1	It's honestly one of the most powerful stories of my lifetime.
0:26.0	I'm Alex Fondunzelman.
0:27.4	This is The Lucan Obsession.
0:29.2	Listen on BBC Sounds.
0:32.7	BBC Sounds, music, radio, podcasts.
0:36.5	Hello, in today's Moneybox Live podcast, we're looking at why more and more people are
0:41.2	continuing to work into their older age.
0:44.0	Back in the 90s, only around 5% of people aged 65 or older were in work.
0:49.1	In the early 2000s, it rose to about 6%.
0:51.7	But the recently released data from the Office for National Statistics
0:55.0	shows that today almost 12% of people in that age group are in some form of employment.
1:01.2	That's almost one and a half million. And they're working in almost every sector you can think of.
1:07.1	I decided at the 10 to age of 64 to go back to flying. I used to fly in the early 80s.
1:13.9	So what is it that's changed? Well, for one, it's the law. There's now no default retirement age.
1:19.1	And the age that people can begin to receive the state pension is also rising. So that pushes more people in their 60s into work.
1:25.9	Plus, of course, the cost of living means that more people simply have to work
1:29.4	if they want to balance the books.
	...

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