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PPI refunds: Over-50s 'choosing to stay in work'

Workers who applied for PPI refunds may be thinking about staying on in work after they are 50, as an increasing number of people in this age group are looking to stay employed.

According to the Trades Union Congress, the number of employed people aged between 50 and 64 increased from 56.5 per cent to 64.9 per cent between 1992 and 2010.

Phil Flaxton, chief executive officer of Work Wise UK, explained some of the reasons for this increase.

He said that while some people realise they have not made enough provisions for later life and find they will not be able to support themselves on a state pension; others want to stay in work.

"Where it potentially falls apart is, if the employers now have to give you the right to work until after 65 if you so wish, how does that affect the young people coming onto the market?" he said.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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