Older person at work

"The Budget set out several measures that will try and encourage more of the over 50s into employment. The increase in the Lifetime Annual Allowance is a positive step in incentivising some highly skilled workers to remain in the labour market. This is welcome particularly in sectors with skills shortages, including in the NHS.

"The announcement of a new ‘Returnerships' apprenticeship targeted at the over 50s can be interpreted as some recognition that this age group often feels that existing skills programmes are not so well geared to their needs as they could be. Similarly, increasing the number of 50+ Universal Credit claimants who receive mid-life MOTs to 40,000 a year to provide guidance before retirement is intended to stem early exit from the labour market. However, it needs to be recognised that the demand side of the labour market matters too and what many over 50s are seeking is flexibility in their working lives."