One of the key megatrends affecting the UK and most other developed countries is an ageing population. Harnessing the potential of older workers will therefore become an increasingly important source of competitive advantage for both nations and businesses.
To explore how the UK compares with other OECD economies in this regard, PwC has developed a new ‘Golden Age index’ comparing how well they are utilising workers aged 55 and over. The index includes relative employment, earnings and training rates for older workers for 34 OECD countries over the period since 2003.
Key findings include:
This analysis complements our earlier Women in Work index, which looked at how well countries were performing on female labour force participation and gender pay gaps.
In both indices, Scandinavian countries occupy many of the top places, while the UK’s relative performance remains middling compared to the OECD average, despite some improvement over time in absolute terms. This indicates great potential for further improvement if UK government policies and business practices can match best practice around the world.
Please also have a look at this video in our Leading Perspectives series in which Professor Andrew Scott of London Business School considers the economic and social implications of today's children having 100 year lives.