PRIME Cymru: The Prince’s Initiative for Mature Enterprise in Wales is a registered charity and the only organisation in Wales dedicated to providing practical support to people aged 50 and over who want to become and remain economically active.
Economic activity amongst the over 50s is a critical problem in Wales. Over 240,000 people aged 50 to state pension age are not working – this equates to nearly 38% of the total number of people in this age group with a large number dependent on benefits.
PRIME Cymru was founded by HRH The Prince of Wales in 2001 in response to letters he had received from many people saying that they felt that after the age of 50 they were on the ‘scrap heap’ and they had faced insurmountable problems in securing paid employment because of their age.
Through our staff, trained mentors and associates we provide clients throughout Wales with free tailored one to one support whether they wish to start their own business, return to the workforce or volunteer to develop skills and confidence to move closer to economic activity.
Adrian said "I came to Prime Cymru with a business idea as i didn't know how to make that idea a reality. I had great support and advise from the very start and my business is now up and running with a number of successful contracts already completed. I am very grateful to Prime Cymru for everything that they did."
The Size, Scale and Implications of Unemployment amongst over 50sThe life expectancy of individuals in advanced economies has been steadily increasing, placing greater strain upon nation-states as the dependency ratio of the population increases. Life expectancy has reached its highest level in the UK, 77.7 years at birth for males and 81.9 years at birth for females (ONS 2010).
The ONS also estimates that by 2034, individuals aged 65 and over will account for 23% of the population, whereas 18% of the population will be aged 16 or below. Additional resources are required to support the needs of older individuals through a longer retirement, and policy-makers have highlighted how this will create new challenges for the economy and society. For example, substantial resources will be required to fund the support and health services required by a growing older population, whilst providing them with an adequate income in retirement. Furthermore, as the dependency ratio changes, there will be fewer people in employment to support older individuals, through a shrinking tax base.
One suggestion to overcome the challenges associated with ageing populations is to extend the working lives of individuals, something the British government has recently changed by increasing the age of the State Pensionable Age (SPA). The British Government calculated that it could increase its annual GDP by £13bn, if the working life of all adults was increased by one year (BIS 2011:2). It has been suggested that the continuation of work into what was previously retirement, would reduce these pressures further.
However, there are a series of barriers to continued full-time employment including deteriorating health issues, care responsibilities and age discrimination, which is why looking at other alternatives to being employed are valuable to look at.