Analysis of ONS figures show women over 60 also saw pay rising far faster than men, with average earnings increasing by 11.4% against 4.2% for men.
The number of older workers has risen by over 100,000 in just two years with many of these employees in senior positions. The number of managers in this age bracket rose to 32,000 in the two years to 2013, a rise of 25%.
Average annual incomes received by full-time older workers rose from around £25,200 in 2013 to £24,000 in 2011.
The insurer’s analysis of the ONS Annual Survey of Hours and Earnings (ASHE) shows that between 2011 and 2013, the average annual income for over-60s in work rose by 6.1% to £17,250. This was the biggest rise of any age group and well ahead of the average 3.8% increase in earnings across ther age brackets.
Stan Russell, retirement income expert at Prudential, said: “Our analysis suggests that the relative success of older workers in the labour market is down to a combination of their increasing willingness to work on rather than retire, and the recognition by employers of the unique experience and skills they bring to the workplace.
“Our previous research has highlighted the changing face of retirement and this latest analysis is further proof of the new retirement reality. Many older people are happy to stay in work for longer and they are now seeing the welcome side-effect of significant year-on-year increases in annual earnings.
“However, there are of course those who would prefer to give up work in their seventh decade but have had to delay their retirement because of insufficient pension savings.”
