Nearly nine in 10 of the 645,000 workers who have left the labour market since the start of the pandemic are aged over 50, latest research by the Office for National Statistics (ONS) reveals.
Stephen Lowe, group communications director at retirement specialist Just Group, said that the latest figures show that the pandemic has reversed the historical trend for people to work later in life.
There were 220,000 fewer workers aged 50+ in employment in the latest three-month period compared to January-March 2020 before the pandemic.
There were also 559,000 more people aged 50+ who were ‘economically inactive’ which covers retirement or those not looking for a job.
Lowe said: “Ideally people would retire on their own terms when the time is right and they have the resources to support themselves, but the pandemic appears to have removed that option for many.
“The over-50s represent the most experienced workers in the country. It would be a double whammy to see the economy lose that expertise needlessly and for them to go on to live poorer later lives because they were forced into retirement too early.
“There needs to be a focus on encouraging older workers to go back to work, especially those who are ‘reluctant retirees’.
“Tapping into pensions and savings early requires careful consideration. It is important to seek professional advice or free guidance, such as the government-backed independent and impartial Pension Wise service.”
