Number of pensioners in the workplace doubles
The number of people continuing to work after reaching retirement age has increased by 85 percent, from 753,000 in 1993 to 1.4 million in 2011, according to the Office for National Statistics (ONS).
The ONS said this was due to a number of factors, including improved health and wellbeing for older people, with many of them wanting to continue to play a role in society.
Negative factors contributing to the rise include financial pressures, with many people finding that their pension isn’t adequate for them to maintain a comfortable lifestyle.
Twelve per cent of pensioners are now choosing to carry on working, with a third of these working full-time.
More women than men are finding that they need to carry on working to supplement their pension, with women making up 61 per cent of those continuing to work after reaching retirement age.
The ONS found that 32 per cent of the working pensioners were self-employed, which is double the proportion of self-employed workers below retirement age.
The ONS said: ‘Those remaining in the labour market work fewer hours, possibly helped by the financial support of their state pension and other pension arrangements, which allows them to fit their work around other engagements’.
The ONS report highlighted a gender difference in the types of work being carried out by post-retirement age workers.
Many of the men are employed in executive roles such as marketing executives, production managers and chief executives, while older female workers tend to be involved in roles such as care worker, retail assistant and cleaner.
The Organisation for Economic Co-operation and Development (OECD) has warned that workers in many countries will have to accept an increase in retirement age.
It also warned that there is a limit beyond which it is unreasonable to expect people to continue to work.
The state pension age is being increased to 66 by 2020 for both men and women.
It will then increase to 67 by 2028 and 68 by 2046 and will continue to rise in line with longevity.