London's ageing workforce is good news for employers, a leading business consultancy has claimed.
Age is an important way to determine a worker's productivity, the Centre for Economics and Business Research (cebr) has claimed, with London's middle-aged workforce showing that the city is in "the prime of its life".
Official statistics show that the working aged population of London grew by 12.2 per cent between 1991 and 2004, with census and population data suggesting that the largest growth in London's working population occurred in the 35-39 and 40-44 age groups.
According to the cebr, these are the two most productive age groups, with older workers benefiting from extra experience and maturity, while younger workers have more enthusiasm and stamina.
Taking wage rates as a guide to employee contribution, the average 40 to 44-year-old is 66.7 per cent more productive than a worker aged between 20 and 24, although workers aged between 50 and 59 are only 87 per cent as productive as 40 to 44-year-olds.
The consultancy estimates that the changing age structure of London's workforce has been worth an extra 1.6 per cent of the city's output in the past 13 years, or around £300 million in 2006.