Surprising rise in over 50s now avoiding work: Bank of England warns that number has unexpectedly surged since summer
- The number of unemployed and job seekers aged 50 and over has increased since August
- According to the BoE, employees aged 50-65 have left the workplace and have not returned.
- One-fifth of these ‘inactive’ workers have long-term illness problems
- The figures could be of concern to employers struggling to fill the UK’s 1.2 million vacancies
The Bank of England has warned that the number of people over 50 who are not looking for work and who do not have a job has unexpectedly surged since the summer.
While in other countries the proportion of people aged 16 to 64 who are not working or not actively looking for work has declined since the pandemic, it has quietly increased in the UK since August. .
The recent increase is largely due to workers aged 50 to 65 leaving their jobs and not returning, the World Bank said.
Job turnover: The recent increase is largely due to job turnover between the ages of 50 and 65
The increase partly reflects people who have stopped working due to long-term illness, he added. His one-fifth of inactive workers in that age group are thought to be for that reason, past research suggests.
However, the World Bank said the remainder “includes people who do not want work, which could mean continued high levels of inactivity in the short term.”
The latest update raises further concerns for employers already struggling to fill jobs, with more than 1.2 million vacancies across the UK, according to last month’s figures.
Unemployment has fallen to its lowest level since 1974, and inactive workers of all ages are dragging down the economy.
A report from the Institute for Employment Affairs last month said there were “not enough workers for the available jobs.”
Kate Nichols, CEO of industry group UK Hospitality, said: “The problem is clearly that there are not enough people in the labor market to fill the gaps across the economy.
“This is not a skills shortage. This is a labor shortage.
https://www.dailymail.co.uk/money/markets/article-11393681/Surprise-rise-50s-shun-work.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Number of people over 50 leaving their jobs soars, according to Bank of England