Wages fall as older people delay retirement, Bank of England suggests

The Bank of England has said that while the number of people in employment rose by almost 350,000 between March and April, average weekly earnings have fallen.

Officials said that wages may be falling because more people are working, including growing numbers of elderly people "concerned about the adequacy of retirement provisions".

They also suggested that the government's welfare reforms may mean that more longer-term unemployed people are coming onto the jobs market.

It comes after the Office for Budget Responsibility, the official economic forecaster, warned that elderly people will have to work longer to help reduce the national debt.

Read more about this story at the Telegraph.

Inclusion recently published a report with Age UK, finding that older unemployed people face multiple barriers to reentering the labour market , with current employment support not fully meeting their needs. For the full report click here.