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PRIME Presentation to London Employment and Skills Policy Network ~ Peter Bennie Director of Development peter.bennie@prime.org.uk www.prime.org.uk www.primebusinessclub.com. prime. PRIME Established in 1999 as an Initiative of HRH The Prince of Wales. prime. prime.

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PRIMEPresentation to London Employment and Skills Policy Network

~

Peter Bennie

Director of Development

peter.bennie@prime.org.ukwww.prime.org.ukwww.primebusinessclub.com

prime

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PRIMEThe only national organisation dedicated to promoting 50+ self-employment and enterprise

Originally a wholly owned subsidiary of

Age Concern England

CORE CLIENT GROUP

Over 50s who are unemployed or under threat of redundancy

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AGENDA

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  • Impact of ageing population
  • Why self-employment can be a good option
  • The PRIME Programme, supporting Welfare to Work initiatives
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Demographic Change

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  • Life expectancy in Britain increased by about 30 years in the 20th century.
  • In 1950 a 65 year-old man could expect on average to live until 76. Today he can expect to live until 85.
  • The number of people over age 50 is expected to rise from 19.8 million in 2005 to 24.5 million in 2020, an increase of 23.5%.
  • (The Age and Employment Network, January 2007)
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Impact on the Workforce

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Over next 20 years, through demographic change and postponed State Pensions:

extra 3.23m people aged 50+ in UK workforce

proportion of workforce that is 50+ grows from 25% to 33%

London 50+ workforce grows by 560,000 (59%) – highest of any UK region

Work Programme period, growth of 155,000 (16%)

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Benefits:

Personal - control, flexibility, sustainability

Economic - additional jobs, retains skills

Financial Independence (higher earnings)

Health and social benefits

Realisation of an ambition

Self-Employment for Older Workers

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Self-Employment for Older Workers

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Around 1-in-5 of working over-50s is self-employed, and increasing

Business survival rates are better than for younger people

  • They research and plan more thoroughly, have more experience and a ‘get it right first time’ approach
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Tailored interventions taking account of:

Health conditions and caring responsibilities

Conditioning/institutionalisation

Lack of enterprise awareness or business idea

Reluctance to engage with youth initiatives

Framework recognising higher initial cost and time to establish sustainable business

What’s needed for the 50+

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What does PRIME do?

Raise Awareness of the Self-Employment option

Inspire and Stimulate Interest in Self-Employment

Inform, Support, Motivate

Train, Mentor and Advise

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DWP: self-employment an ‘eligible job outcome’

DWP ESF ‘Flexible Routeways’

Flexible New Deal

Work Programme (London, MAXIMUS and CDG)

Opportunities to support other initiatives

Supporting Welfare to Work initiatives

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Contacting PRIMEwww.prime.org.uk

Call:

0800 783 1904

Email:

info@prime.org.uk

or

peter.bennie@prime.org.uk

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