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Older workers in firing line as furlough scheme ends | UK | News

As many as 31,000 employees aged 50-plus were made redundant between May and July.

And the unemployment rate for 50 to 64-year-olds has increased from 2.8 percent to 3.4 percent since the start of the pandemic, analysis of official figures by the Centre for Ageing Better shows. Fears are growing of a further surge in job losses among the 360,000 employees aged over 55 when the furlough scheme ends on September 30.

Emily Andrews of the Centre for Ageing Better, said: “The employment rate gap between workers under and over 50 is now growing, threatening to reverse decades of progress. With the furlough scheme ending, there is a real risk we could see a fresh wave of redundancies in this group.

“This is particularly worrying, because we know that over-50s struggle more than any other group to get back into work once made redundant.We need tailored support for over-50s to get back into employment.”

Before the pandemic almost a third of UK workers were aged 50-plus, but since March 2020, up to 175,000 more 50-64 year olds are out of work, with the total now at 340,000.

Evidence shows that those in this age group who lose their jobs are at greater risk of becoming long-term unemployed.

Alistair McQueen, head of savings and retirement at Aviva, said: “This loss of experienced workers is potentially damaging for the economy.”





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