Employment rate reaches record high after changes to retirement age

Employment rate for women reached a record high in March, increasing to 31.58 million, according to the Office for National Statistics (ONS).

The ONS stated that the increase could be linked to the Government making changes to the retirement age for women to keep them in work for longer.

Record

Figures showed that the number of people in employment increased by 44,000, despite the Government warning that the job market would be damaged by the threat of a Brexit.

According to the ONS, the number of women in employment reached its highest since comparable records began in 1971, whilst the number of workers from the rest of the EU also contributed towards the overall employment rate reaching a record high.

Figures also showed an increase of 2.6 per cent on wages and bonuses in March, up from 1.2 per cent in February.

Fears

The increase comes after a rise in unemployment in February, which Work and Pensions Secretary Stephen Crabb said was a result of fears over a vote to leave the EU.

Despite these fears, unemployment rates fell to 1.69 million in March, a decrease of 2,000 since February.

World First Chief Economist Jeremy Cook also commented on the effect that the upcoming EU referendum has had on employment, stating: “Employment in the UK could easily be topping out as we head into the UK’s referendum on its EU membership. Naturally, as an economy gets closer to full employment, the incremental gains that can be made in the labour market weaken; record highs of employment see to that.”