This type of support could include apprenticeship programmes, mid-life MOTs, job-sharing, and opportunities for ‘part-tirement’ – semi or partial retirement.

Aviva’s Working Lives Report 2023: Fit for Future which launched today found over three-quarters (76%) of employers think it is important to retain employees aged over 50, with almost a third (32%) of those saying it is very important.

In the 2023 Spring Budget, the government announced a ‘Back to work Budget’ which included £70 million investment in support for over-50s staying in or getting back to work.

The Office for National Statistics (ONS) did a study into 50- to 65-year-olds who left or lost their job since the start of the pandemic and would now consider returning to work. The most important factors when choosing a paid job were flexible working hours (32%), good pay (23%), and being able to work from home (12%).

The ONS also found that over 50s with a physical or mental health condition or illness who would consider returning to work, would do so for the money (67%), and second to that, for the social company or a job they would enjoy (46%).

Debbie Bullock, head of wellbeing at Aviva said, “Employees over 50 can be a valuable asset to an organisation, bringing a breadth of experience and skills. It is important they are supported by employers in a way that recognises their individual needs.

“Improving retention rates can be supported by apprenticeship programmes, which offer an opportunity to re-skill, and mid-life MOTs, which are a free check-up of your wealth, work, and wellbeing. It is also worth considering options for job-sharing, ‘part-tirement’, and seasonal working to cover peak times.”