About 1 in 6 over-50s lost their job during the pandemic. (Joe Giddens/PA)
(Picture: PA Archive)The pandemic has led to a dramatic rise in the number of over-50s who have fallen out of the workforce, reversing a decades-long trend of people working into their 50s for longer.
Coronavirus triggered a wave of resignations and early retirements in the over-50s, data released by the Office for National Statistics has revealed, as older workers re-evaluated their careers in light of health concerns and changing work patterns.
Three in five over-50s have left the workforce sooner than planned since the pandemic started, ONS data shows. 15% left because of coronavirus and 13% because of illness or disability.
Almost a fifth of workers aged 50-59 said they quit their jobs because of mental health concerns, while about a sixth said they wanted a change in lifestyle.
Hugh Stickland from the ONS said: “There are also a range of different motivations for stopping work, and although retirement is a key driver, issues around health, caring, change in lifestyle are all important factors too, often overlapping and inter-related.
“Whilst many aren’t interested in returning to work, those who are would be looking for greater flexibility of hours, the ability to work from home and to be able to fit work around responsibilities such as caring, in order to return to work.”
The increases in people stopping working have reversed a years-long trend of more people working through their 50s, with life expectancy going up and statutory retirement ages being pushed back.
Self-employed people were more likely to stop working during the height of the pandemic, while the leisure sector -- everything from cinemas to holiday parks -- saw the most departures as businesses were forced to lay off or furlough staff due to lockdowns.
About 1 in 6 over-50s lost their job during the pandemic, most of them after being put on furlough.
Many who have stopped working reported concerns about finances and increases in the cost of living. Those who didn’t stop working said it was because the pandemic left their finances in an unfit state for them to retire.
Over a third of those considering returning to work said flexible working was a top priority, while over a quarter have experienced age discrimination when trying to find a new job.
Unemployment in the wider economy has dropped to 4.1%, according to the ONS, compared to a pandemic-high of 5.2%.
