Ireland has seen a rapidly ageing workforce in the last decade, according to ESRI research.

One in five workers is now 55 or older, with that cohort increasing rapidly.

The report shows that almost 20% of the workforce, amounting to 396,060, are now over the age of 55.

The self-employed are the likeliest to remain longest in the workforce while those not engaged in manual work also have a longer work life.

One in five of those who have left the workforce between the ages of 55 and 59 did so because of illness or disability.

The ESRI has carried out the study at the request of the Health and Safety Authority (HSA).

Another one fifth have lost their jobs while 7% left to take up family caring duties. Just over half consider themselves to be retired or in early retirement.

Opportunity

Launching the report, minister of state Pat Breen said an ageing workforce is not a burden but an opportunity.

He said that business will struggle unless it embraces the experience that older workers can bring to their jobs.