50+ face forced early retirement without urgent support

People aged 50+ in the UK face early retirement forced on them without urgent Government support as long-term employment prospects fall amid Covid-19, according to the International Longevity Centre – UK (ILC). 

As of December, employment levels for those aged 16-24 and over 65 fell by 7% (343,000) compared to a 0.5% decline for those aged 25-64, according to the latest UK labour market statistics published by ONS. In short, the statistics reveal that long-term growth in employment for those aged over 50 in the UK has stalled as a result of the pandemic.

Responding to the new Labour Market Statistics out today, ILC’s Director David Sinclair stated: “Without further urgent support from Government, a huge number of people aged over 50 will find early retirement forced on them.” 

URGENT SUPPORT FOR OLDER WORKERS

The coronavirus has disproportionately impacted on the youngest and the oldest workers in our economy. “The Government has introduced Kickstart to support younger people on Universal Credit back into work. We need a similar initiative to support older workers back into the workplace,” pointed out Sinclair. 

“Older workers contribute to economic growth. Our economy needs to better use their skills and talents. We know that age discrimination hits older people hard; and that older workers who find themselves unemployed as a result of Covid-19 are likely to find it much more difficult than other ages to get themselves another job,” noted Sinclair. “Continuing high levels of redundancies announced in today’s statistics are likely to be having a significant impact on older workers.”

Sinclair believes the Government’s Lifetime Skills Guarantee needs to go beyond offering a Level 3 (A level equivalent) course to individuals who don’t have one; and provide support for reskilling of adults of all ages. “The Government must invest more to ensure that ill health and caring responsibilities don’t make it even more difficult for older people to re-enter the workforce,” he added.

The UK is “failing” to meet the challenges of an ageing population, and missing out on the opportunities of employing older workers, according to experts. Click here to read more.