It was previously considered that many people quit the labour force during the pandemic did so because they had accumulated enough wealth from their property and stock market growth boosting the value of their pension to afford to do so
Nearly half of older adults who left the workforce during the pandemic have now ended up in poverty, a study says.
The IFS data shows that just under half of 50 to 70-year-olds who left the workforce in 2020-2021 are now struggling for money, and the same proportion are not receiving either a private or state pension. The latter is because the state pension age of 66., and had lower levels of well-being than previous cohorts of people who had recently stopped working.
Labour market disruptions – people losing their jobs after furlough – and the additional health risks faced by older workers due to Covid is likely to have played a role in why so many workers into early retirement, said the IFS report. “Our analysis shows that those who left in the first year of the pandemic experienced a sharp rise in poverty, despite overall poverty rates falling that year, and also suffered large falls in wellbeing.”“Some of this group might well be amenable towith the right opportunities, and there are signs that some are returning already. If the Government wants to get this group back to work, the success of policies to support older workers, such as the “mid-life MOT”, will be critical.
Danmark Seneste Nyt, Danmark Overskrifter
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