According to new PwC analysis the UK could add around 5.8% to its GDP (around £105 billion) if the employment rate of workers over 55 could match the highest performing EU country of Sweden.
The analysis from PwC compares employment of older workers across 34 OECD (Organisation for Economic Co-operation and Development) countries. This would translate to a 15 percentage point increase in the UK’s full-time equivalent employment rate for workers aged 55-64 and a 4 percentage point increase for people aged over 65.
PwC’s Golden Age Index is a weighted average of indicators – including employment, earnings and training – that reflect the labour market impact of workers aged over 55. The UK has remained middling in the rankings since 2003, rising by one place to 18th in 2014 from 19th in 2013.
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