New policy suggests prolonging working lives by 18 months will inject £15m into the British financial system.
Creating more opportunities for over 50s will have a positive financial effect on the UK, according to a new report by the Commission. By abolishing the default retirement age and extending working lives by just 18 months, the British economy would receive a boost of £15m.

A survey carried out by the Commission revealed that 24% of men and 64% of women said they plan to keep working beyond the state pension age of 65 and 60 respectively. The default age will rise to 65 years old for both men and women in 2020.

Many older workers want to continue working for their current employers, which, believes the Commission, points to an opportunity for employers to create a loyal workforce.

As well as the abolition of the default retirement age, the Commission, as part of its Working Better Initiative, proposes to extend the right to request flexible working to all, an overhaul of employer recruitment to prevent discrimination and improved training and development.

Deputy chair of the Equality and Human rights Commission Baroness Margaret Prosser explained that the benefit of keeping older Britons in the workforce would boost the economy - lowering welfare costs and increasing their spending power.

B&Q recently celebrated the 95th birthday of its oldest employee. Sydney Prior has worked for the DIY chain for 19 years and is based at the New Malden store. B&Q prides itself on the diversity of its workforce, with 28% of its store employees over the age of 50.