A million over 50s 'forced out of their jobs'

More than a million people over 50 have been forced out of their jobs prematurely, costing the economy billions, the Prince of Wales will warn today.

He will urge employers to recognise the value of the older workforce and to utilise their skills and experience.

A report co-produced by the Prince's Initiative for Mature Enterprise (Prime), found that up to 1.5 million people aged 50-69 left work "involuntarily" in the last eight years due a combination of redundancy, ill health or forced early retirement.

The Prince will attend the launch of the report, where he is expected say: “It is time we recognised what older people bring to the workplace and to enterprise - in other words, experience, reliability and flexibility.

"Many of those currently unemployed are desperate to make that contribution."

The report, The Missing Million: Illuminating The Employment Challenges Of The Over 50s, calls for urgent action from policy makers and employers to ensure that people over the age of 50 remain in the labour market.

If the employment rate of the age group 50-64 matched that of the 35-49 age group, UK GDP would be £88 billion higher, equivalent to 5.6 per cent, the report says.

It predicts there could be a shortfall in the jobs market with 13.5 million vacancies needed to be filled over the next 10 years and only seven million young people projected to leave school and college over the same period.

"The missing million are already with us, struggling to make do as they sit in no-man's land, waiting to reach the relative safety of state pension age,” it concludes.

"The catastrophic cost that these individuals are paying, alongside the potential economic and social benefits to be gained from them re-joining the workforce, cannot be ignored and warrants urgent action from policymakers and employers."

Prime, which is now part of the prince’s charity Business In The Community, helps people over the age of 50, who are out of work and looking for new opportunities, to start their own businesses.

Stephen Howard, chief executive of Business In The Community, said: "There are a significant number of over 50s who would be willing to work if the right opportunity arose but we are failing to harness their potential.

"We need to successfully address the needs of this missing million, who have been forced out of work prematurely.

"By doing so, we will not only help individuals achieve a financially secure, meaningful and productive future, but also retain valuable knowledge, skills and experience for the benefit of the economy, businesses and communities."

The Prince will launch the report at the central London offices of global accountants PwC (PricewaterhouseCoopers).