Pensioners are joining the workforce at the fastest rate of any age cohort in Ireland, according the Central Statistics Office (CSO).
While they accounted for just 64,700 – around 2.6 per cent – of the almost 2.5 million in employment at the end of May, the number of people aged over 65 in the work climbed by 11.2 per cent over 12 months, the largest jump made by any age bracket, new CSO estimates indicate.
Cost of living increases and housing issues have been cited as the key factors driving the increase in pensionable workers rejoining or staying in the workforce for longer. Speaking to The Irish Times last year, Celine Clarke, head of advocacy at Age Action, said people are also carrying housing debt into their old age at a higher rate than previous eras.
“And then there’s the fact that the State pension has consistently fallen behind the rate of inflation, and so what we also see is more older people falling into poverty or at risk of poverty and deprivation,” she said. “So more of those who can work are trying to work because they need to make up the difference between the cost of running their home and what the State pension gives them.”
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
