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04 Aug 2014

Over 60s Enjoy Biggest Pay Rise in Britain

A new study reveals that employees in Britain over the age of 60 are seeing a greater increase in earnings than any other age group, an article on the International Business Times notes.

The findings come from Prudential´s examination of the Office for National Statistics (ONS) Annual Survey of Hours and Earnings (ASHE), and show that the average annual income for the group rose 6.1% to £17, 250 between 2011 and 2013. This is an increase of around £1,000 – which is a substantial boost considering that average nationwide salaries fell 1.2% year-on-year in June.

Furthermore, an increasing amount of older workers filled management positions during this time, rising 25.6% from 2011 to 2013 with an additional 32,000 people over the age of 60 becoming managers.

According to Prudential´s retirement income expert Stan Russell, who spoke to the International Business Times, the success of workers in this age group is down to “a combination of their increasing willingness to work on rather than retire, and the recognition by employers of the unique experience and skills they bring to the workplace”.

Russell refers to this as the “new retirement reality”, whereby older people are increasingly happy to stay in work for longer. However, he also recognises that some have had to continue working well into their 60´s, not necessarily through choice, but because of not having enough pension savings to allow them to retire.

Despite the pay rises for this age bracket, Prudential notes that any money earned at this stage in a person´s life may be “too little, too late”, and that it is preferable to start saving as early as possible to secure a good income in later life.

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