Five million at risk of retiring early will pile more pressure on workforce

MORE than five million over-50s could retire early unless they are trained with new skills to stay on, according to research.

- Martyn Brown

The rapid acceleration of technology and artificial intelligence is a leading factor in their decision, it found.

But their lost output will harm the growth of the UK economy.

Almost two thirds of workers nearing retirement age have considered going early, while four in ten think it likely they will quit before the state pension starts at 66.

Around 5.3 million workers over 50 considering retiring providing a large risk to an already strained workforce, said research from tech firm Multiverse.

Its Chief Learning Officer Gary Eimerman, said: "The impact of this is stark: when people are forced into early retirement, businesses and society lose out on knowledge and skills that contribute greatly to the labour market.

"Individuals lose out too: working is about more than just making money and we should ensure the best roles are accessible and remain accessible throughout someone's working life."

Official figures show there are 83,000 more over 50s in work compared with this time last year but the report warns more needs to be done to stop a huge reversal of the figures.