Tag: Europe

Older households in the UK spend more

In new reports published by the International Longevity Centre UK (ILC), it’s found that longer lives could be crucial in European pandemic recovery and highlight the economic opportunities of longer lives across Europe.

According to the reports, older people’s contributions across the European region are significant, and growing:

  • In Germany, 77% of people aged between 50 and 64 are in employment
  • In France, nearly 1 in 3 workers are aged 50 and over.
  • By 2035, almost 3 in 5 (59%) of workers could be aged 50 and over in Italy
  • Over 6 out of every 10 euros in the Spanish economy were spent by households led by those aged 50+ in 2015
  • By 2040, 63p in every pound in the UK economy will be spent by older households.

According to the report, however, there is a key barrier to realising these opportunities and that is poor health which limits people’s ability to stay active as they get older.

Comparing countries across the G2o, the “Health equals wealth” reports highlight that:

In countries that spend more on health, older people work, spend and volunteer more.

Increasing preventative health spending by just 0.1 percentage can unlock a 9% increase in annual spending by older people and an additional 10 hours of volunteering each year.

In a recent story published by TALiNT International, it’s believed the key to unlocking the skills shortage crisis is to upskill the older workforce.

The reports reveal the need for countries to better support older people’s economic contributions, particularly through greater investment in preventative health measures that support healthy ageing. It’s proposed that governments invest at least 6% of their health budgets on interventions, such as vaccines, screenings, early detection and management of disease.

Earlier this year, the European Commission adopted its Green Paper on Ageing, which set out a vision for countries to adapt to their ageing populations, including how to support healthy ageing.

However, to date, there have been no announcements of an intended White Paper or binding commitments. An open letter sent last week by the ILC Europe Network, a pan-European network on longevity, called on the Commission to ensure this is followed up by concrete and meaningful action.

“It’s vital that this Green Paper should not be put on a shelf to gather dust, but instead be a step towards a concerted European response to ageing. [We are] calling for an EU White Paper on Ageing that commits to making European policy and practice work for all ages”, call the signatories.

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Workers across Britain are missing out as the UK lags the rest of the world when it comes to public holidays, with the lowest number in a comparison of more than 170 nations.

This was the finding of research by digital coaching firm Ezra, which cross-referenced the number of public holidays on offer with average daily net income to work out where workers received the most amount of money per year for not working on public holidays.

Taking both measures into account, the UK moved significantly up from the bottom of the table, but it still failed to make it into the top 30, with workers having an average income of £570 for bank holidays.

Switzerland, on the other hand, offers the biggest benefit to workers. With the average person in the country earning a net income of £130 per day and with 24 public holidays per year, the average public holiday pay check is an impressive £3,131.

Luxembourg came in second, with its 15 public holiday days per year and average earnings of £120 per day equating to £1,802, while in Israel, the 24 days of public holiday led to a total of £1,796 in earnings for time off.

Commenting on the findings, Nick Goldberg, Founder of Ezra, said: “Public holidays are a great way to boost national sentiment and offer an opportunity to come together and celebrate as a nation, whether it be in memory of a historic moment or simply a long weekend.

“It’s interesting to see that those nations offering some of the highest levels of income also offer a good level of public holidays and it goes to show that motivation and productivity aren’t solely dependent on working all hours of the day.”

Photo courtesy of Canva.com

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The increasing trend towards remote working caused by the pandemic is leading firms to look further afield for contract workers.

According to a recent analysis by 6CATS International, in Q1 there was an increase in demand for contractors outside Europe, with opportunities booming in India and South Africa in particular.

Stefanie Cook, Sales Director at 6CATS International, said: “Destinations such as France, Belgium, Germany and the Netherlands have long been hotspots of activity, but we’re increasingly seeing contractors, recruiters and end clients looking beyond Europe, with South Africa and India currently leading a significant proportion of the demand for contractor management solutions.

“Much of this shift has arguably been driven by the uptick in remote working options for contract professionals – meaning that recruiters and hirers are less limited by borders when sourcing temporary experts.

“Instead, we are increasingly seeing staffing businesses able to take a more strategic standpoint and focus on where the talent can be found, without concerns around in-country right to work regulations, immigration checks and visa requirements.”

On a sector basis, demand for contractors was highest in the pharmaceutical area, with oil and gas, engineering and IT also seeing a rise in activity in the first quarter of 2021.

Photo courtesy of Canva.com

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