The firm has employed 600 over-50s since it highlighted plans in late 2017 to obtain more older workers as life expectancy in the UK rises.

The insurance giant had aimed to recruit 1,000 workers aged 50 or older by next year, but company sources said it had now dropped that target as “interests have evolved” and it wants to focus on diversity more broadly.

Danny Harmer, Aviva’s HR chief, said 22% of the company’s UK workforce was now aged over 50, The Daily Telegraph reports.

The idea for a “silver quota” came from former UK boss Andy Briggs, who was the UK Government’s business head for older workers but left Aviva in 2019.

Mr Briggs forecast a £25 billion boost for the economy from hiring older people and ramped up Aviva’s push to hire more “Baby Boomers” – those born during the post-second World War baby boom.

However since Mr Briggs’ target was put in place, employment for younger workers has dropped substantially. The COVID-19 pandemic has made it difficult for graduates to secure jobs, particularly in industries that typically employ large numbers of younger workers such as hospitality and retail.

Employment for under-25s plummetted in 2020, according to the most recent PAYE tax data. In comparison, the effect on older workers has been less severe.