stick and not enough carrot"
THE Eurozone's economy
could lose 1 in 6 workers due to population ageing. Harnessing
the power of older workers is a vital component of any long-term
strategy to rejuvenate economic growth across the Europe, argues the
International Longevity Centre–UK (ILC-UK).
A new report by the think tank, shows that raising labour force
participation rates amongst older age groups could make a
significant difference to rates of economic growth over the next 40
years. The report reveals that:-
► Workers aged over 50 contributed a staggering €2.5trn to Eurozone
GDP in 2013.
► Without a substantial rise in workforce productivity to offset the
anticipated fall in employment, GDP per capita growth rates across
the Eurozone may only reach 1% per year up to 2050.
► By 2050, higher participation rates amongst the over 50's could
deliver 12.6% more economic output per person (in real terms) than
if participation rates by age remain the same.
► Across OECD countries, there is a strong association between poverty
rates and working longer; with higher poverty rates linked to
higher workforce participation.
Avoidance of financial ruin and poverty are not the only factors
keeping people in work. Health and education are also important;
those countries whose older populations are in better health or who
are better educated are also more likely to work longer.
"Rising from the ashes - The role of older workers in driving Eurozone
recovery", has been published today by ILC-UK, with the
support of Prudential.
The report reveals that 1 in 6 Europeans are currently over 65, yet
by 2060 this figure will be 1 in 3. Moreover, currently only around
a half of workers aged 55 to 64 in the Eurozone are in employment.
Rising from the ashes reveals that "Unless a higher proportion
of older people remain in the workforce, total employment could fall
by up to 17% over the next 35 years".
ILC-UK finds that raising workforce participation at older ages in
line with their scenarios could deliver a greater economic boost for
the region's periphery countries than for its core. This is partly
because these countries have more catching up to do in terms of
raising labour force participation amongst older age groups. It is
also because population ageing is expected to occur more quickly
across this part of the Eurozone.
ILC-UK argue that in order to respond to the challenges ahead,
European Governments must:-
► Invest in skills and training at all ages;
Develop and utilise new
technologies and, critically in the context of this report;
Encourage greater workforce
participation amongst the over 50s
Ben Franklin, Senior Research
Fellow at ILC-UK said:- "Older workers aren't a silver bullet
to tackle all the economic challenges that Europe faces. But what
this report reveals is the huge potential benefits of extending
working lives. As part of any programme of structural reform, it is
important for policymakers to focus on how to maximise the
productive potential of the Eurozone's workforce over the long term
including harnessing the productive power of older workers.
To maximise the economic return of older workers, Governments should
consider how they can best invest in the future health and skills
base of their older populations".
Shadow Employment Minister, Stephen Timms MP, who is speaking at the
launch of the report added:- "I welcome this report which
underlines the serious challenge we face in retaining over 50s
within the labour market. This is an issue that the UK needs to take
much more seriously. Raising the labour market participation rates
of the over 50's could yield significant economic and social
Timothy Fassam, Head of Public Affairs at Prudential said:-
"Many older people are happy to stay in work for longer and,
according to Prudential's recent analysis of ONS Annual Survey of
Hours and Earnings (ASHE), they are now seeing the welcome side
effect of significant year on year increases in annual earnings.
However, there are of course those who would prefer to give up work
in their seventh decade but have had to delay their retirement
because of insufficient pension savings. The best way to
secure a comfortable retirement income is to save as much as
possible as early as possible, and take the advice of a retirement
specialist or financial adviser."
JOIN us at the NSPCC's
Liverpool Carols by Candlelight concert and help support vulnerable
children this festive season.
With Christmas just around the corner, the NSPCC is inviting people
across Merseyside to join them at their annual Carols by Candlelight
concert on Tuesday, 16 December 2014, to raise vital funds for the
charity's ChildLine Schools Service.
Taking place at Liverpool Anglican Cathedral, from 7:30pm, the
concert will feature carols, traditional music and singing in the
stunning candlelit setting of the cathedral. Children and young
people from the Wirral Schools Concert Band, the Liverpool Signing
Choir and Resonate Singers will be performing this year to support
the NSPCC's work across Merseyside. The event is being kindly
sponsored, for the eighth year running, by Home Bargains.
Helen Gazzola, NSPCC community fundraising manager for Liverpool,
said:- "Our Carols by Candlelight concert is the perfect way
to get into the festive spirit whilst raising vital funds for our
work locally. It's always a lovely event and a wonderful opportunity
to get together with friends, family and colleagues to celebrate the
Christmas season. By joining us you will be helping to support the
work of the NSPCC's ChildLine School Service in protecting local
children. We'd like to encourage as many people as possible to join
us at Liverpool Anglican Cathedral to support our vital work and get
into the festive spirit." Tickets for the concert are priced at £10 per adult, and £5 for
concessions and accompanied children under 16, and £25 for a family
ticket (2 adults, 2 children). Tickets are available from the NSPCC
fundraising team on:- 0844 892 0253 or by emailing:-
Doors open at 7pm and the performance starts at:- 7.30pm.
Money raised from the evening will help support the NSPCC's
ground breaking ChildLine Schools Service, which uses trained
volunteers to deliver age appropriate workshops and assemblies to
9 to 11 year olds in order to educate them about abuse, how to protect
themselves, and where to get help if they need it.
Tom Morris, managing director at Home Bargains, said:- "We're
thrilled to be sponsoring Carols by Candlelight once again,
supporting the NSPCC's excellent work in the area. This concert is
always a fantastic event and it's a great way to raise much needed
funds for the charity.
We hope that the local community will also get behind the NSPCC and
save space in their festive diaries for the event." NSPCC research shows that, on average, 2 children in every primary
school classroom have suffered abuse or neglect. However, whether
through fear or lack of information, children are not seeking help
or telling anyone what's happening until they are much older.
Helen Gazzola, continued:- "With the support of local people
we can visit every primary school in Liverpool and give children the
confidence to talk about abuse and the courage to seek help if they
ever need it. There are lots of other ways people can support us
across the Christmas period with family, friends or colleagues. We'd
love anyone who's interested to get in touch." For more information about other local forthcoming events or if you
would like to support the NSPCC locally please contact:- 0844 892 0253
Witness appeal following 2 teenage
injured in 'Fail to Stop' in Crosby
MERSEYSIDE Police are appealing for witnesses
after 2 teenage boys suffered injuries during a fail to stop
collision in Crosby on Monday, 10 November 2014. Officers were
called to Myers Road East, close to Sacred Heart High School, at
around 9.05pm, following a report that a car had mounted the kerb
and collided with 2 boys aged 13 and 15 years. The car didn't stop
at the scene and was last seen heading towards Liverpool Road.
Patrols from the Matrix Serious Organised Crime attended the scene
and enquiries were carried out in the area. Luckily, both boys only
suffered minor injuries. An investigation into the full
circumstances surrounding the incident is continuing. Constable Andy
Roper, from the MSOC Roads Policing Unit, said:- "Luckily both
boys involved in the collision escaped with scratches, bumps to the
head and broken teeth. It could however have ended up in them both
suffering serious injuries, or even worse, and we are extremely keen
to trace the driver responsible. The car involved in the collision
is described as a silver saloon and I would appeal to anyone who may
have seen a similar car in the Crosby area a week last Monday to get
in touch with us. I would also urge anyone who has seen or knows of
a silver saloon car which has suffered any form of damage to the
front end to speak to us as soon as possible." Anyone with
information can call officers from the MSOC Roads Policing Unit on:-
0151 777 5747 or Crimestoppers, anonymously, on:- 0800 555 111.