In a report from the Centre For Ageing better, it is noted that Labour market figures show 27.6% of all people aged 50-64 are ‘economically inactive’ – neither in work nor looking for work – up from 25.4% before the start of the pandemic.
The employment rate for people aged 35-49 has recovered and now exceeded pre-pandemic levels, with 85.8% of people in this age group in employment again. Yet, the same has not been true for the 50-64 group (70.5%), with the employment gap between the two age groups now rising to over 15 percentage points.
The number of economically inactive workers in the 50-64 group has grown by more than 100,000 in the last quarter – an indicator that the trend shows no sign of abating any time soon without greater action by employers and government. Employment rates among people in the 65+ age group have also fallen over the last quarter – suggesting that the hoped-for ‘great unretirement’ is not underway.
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