A NEW report has highlighted the Island’s ageing workforce.
The latest figures from Statistics Jersey – which were obtained using new “experimental” methodology combining data including ITIS and Social Security returns to build a picture of the Island’s workforce – show that the proportion of over-55s in employment between 2019 to 2023 rose from 20.5% to 24%.
The transport, storage and manufacturing sectors had an even higher proportion of over-55s – 35% of the total workforce in those industries.
For those aged over 60, there was a considerably higher number of men (3,970) than women (1,610) in employment.
Commenting following the report’s release, Age Concern chair Ben Shenton said that Islanders were working longer due to inadequate pensions.
Mr Shenton said that “vital employees” who earn marginally above minimum or living wages were facing financial strain owing to Jersey’s steep cost of living.
He added that employees were being compelled to work “well past” their intended retirement age, and that this disproportionately impacted those of eastern European and southern European backgrounds.
The former Senator added: “Those in the transportation and some other industries tend to be of an age before everyone got a degree, and they are happy to work longer to supplement their income.
“Furthermore, the ageing of the Baby Boomers will increase the proportion in this category until it peaks and drops as the boomers retire.
“Ironically, while many are working well into their later years, many of those who have retired with fat pensions complain that their income is so high their tax bills are enormous.
“How those forced to work 40-hour weeks on poor pay, in their 70s, must feel about their plight, goodness knows.”
To receive a full pension, which is currently £271.81 per week, individuals must have paid or been credited with contributions that vary based on age.
For a married couple receiving a pension based on the contributions of the husband, the maximum rate is £451.22 per week.
The pension age is currently 65, for those born before 1955.
Women who joined the Jersey Social Security scheme before 1 January 1975 are able to claim a pension when they reach the age of 60. Everyone else will have a pension age of between 65 and 67.
Mr Shenton said that the issue also extended to those already receiving their pension, who were being forced to supplement their income with an additional job.
“When it comes to retirement Jersey operates a two-tier, us and them, structure,” he said.
“The standard state pension is insufficient to provide a satisfactory retirement, and an additional source of income is necessary to provide a comfortable lifestyle.
“For those in the public sector, where pensions can exceed £100,000 per annum, and the finance sector, this is often no problem given their employer-funded pension schemes.”
