Wednesday, September 23, 2020

STAY CONNECTED

16,593FansLike
9,427FollowersFollow

Featured

1.6 million households hit by £60 cut to benefits in just one month

DWP urged to scrap universal credit advance "loans" before thousands more are pushed into debt.

Tories warned of ‘mass unemployment’ as number of people out of work hits two-year high

UK government urged to extend the furlough scheme to protect workers.

Whingeing Lords demand hardship fund despite £162 daily allowance

Documents "expose the total privilege and sheer arrogance of unelected Lords at Westminster".

DWP to hire thousands of new work coaches amid Covid-19 job losses

"Getting Britain back to work as quickly as possible is vital", says DWP minister.

Universal Credit increase must be made permanent and extended to legacy benefits

Reversing the increase risks plunging 700,000 more people into poverty, report says.

Nearly 200,000 over 50s ‘forced into retirement’ since the Covid outbreak

Analysis also shows that the number of over 50s claiming universal credit has almost doubled.

Nearly 200,000 working people over the age of 50 have been forced to leave the workforce and seek early retirement since the beginning of the Covid-19 outrbreak, according to new research with highlights the devastating impact of the pandemic on older people.

Analysis of official date from the Office for National Statistics (ONS) by the website ‘Rest Less’ found that the inactivity levels of people aged over 50 has risen more than any other age group since March 2020.

Rest Less’s analysis shows that there were 198,000 workers aged over 50 who dropped out of the UK workforce and became economically ‘inactive’ since the pandemic began – an increase of 1.4 per cent in the most recent period (March – May) compared with the beginning of the year (December – February).

Economic Inactivity is an important measure that shows how many people have dropped out of the workforce enitirely rather than just becoming unemployed.

Photo by duncan

Stuart Lewis, Founder of Rest Less, explains: “Many of today’s over 50s now have to work until they are 66 before they can claim their state pension.

“In addition to the rapid increase in the number of over 50s who are claiming Universal Credit (a 93% increase since the beginning of this year), these figures come as an alarming additional warning as to the true impact of the pandemic on older workers.

“In the wake of the toughest job market in decades, there has been a significant rise in the number of workers over 50 who have lost hope in finding a job and feel forced into an early retirement that many simply cannot afford.

“Sadly, these numbers are simply the canary in the coal mine: with the furlough scheme winding up and 2.5 million over 50s having been furloughed, we expect this to leave a permanent scar on this generation and their employment prospects.”

He continued: “Age discrimination in the workplace was rife prior to the pandemic, and is only set to increase in the wake of the crisis.

“Older workers have powered UK employment and economic growth over the last 10 years: if we lose this generation from the workforce entirely, we risk losing valuable key skills and key workers from the workplace for good.”

Women over 50 appear to be the hardest hit with nearly 100,000 forced to leave the workforce entirely since the beginning of the pandemic.

Photo: Flickr.

ONS data suggests that the economic inactivity rates of all other female age groups has actually fallen, but for those over 50 it has increased by 1.3% between March – May compared with December – February. The figure was highest amongst working age women between 50 and 64 whose economic inactivity levels rose by two per cent.

Mr Lewis added: “The gender pay gap is at its widest for women in their 50s. Years of an earnings gap has led to a large pension savings gap between men and women which leaves many women in their 50s and 60s in a financially precarious position ahead of retirement.

“In a tough labour market, it can be much harder for people to return to the workplace if they have been out of the workforce for any length of time.

“Women are far more likely to have taken time out to care for children, parents or a relative than their male counterparts, placing them at a natural disadvantage to other candidates who never left the workforce.

‘In the last recession of 2009, women could retire at 60. Today they retire at 66, meaning there are 2.4 million more women having to find work before they are entitled to claim their state pension.”

Rest Less’s analysis comes off the back of previous analysis highlighting the soaring rate of Universal Credit claims amongst the over 50s.

Based on the most recent data from the Office of National Statistics, Rest Less found that Universal Credit claims have increased by 93 per cent since the beginning of 2020 amongst the over 50s.

WOW!

GO UNLIMITED

£ £2.95 Each Month (30 days)
Subscribe today for unlimited access to all our news stories for just £2.95 each month (30 days). Non-subscribers are restricted to five free articles each month.
  • Unlimited Articles
  • News Exclusives
  • No Contract
  • Email Support
  • Money Back Guarantee (Terms Apply)

Leave a comment...

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest Posts

1.6 million households hit by £60 cut to benefits in just one month

DWP urged to scrap universal credit advance "loans" before thousands more are pushed into debt.

Charities see requests for support more than double during Covid-19 pandemic

Grant-giving charities have seen applications for financial and non-financial support increase significantly since lockdown began.

Tories warned of ‘mass unemployment’ as number of people out of work hits two-year high

UK government urged to extend the furlough scheme to protect workers.

Calls for stronger welfare support as food banks warn of surge in demand

Food bank use expected to rise by 61% due to the impact of coronavirus.

Latest

1.6 million households hit by £60 cut to benefits in just one month

DWP urged to scrap universal credit advance "loans" before thousands more are pushed into debt.

Charities see requests for support more than double during Covid-19 pandemic

Grant-giving charities have seen applications for financial and non-financial support increase significantly since lockdown began.

Tories warned of ‘mass unemployment’ as number of people out of work hits two-year high

UK government urged to extend the furlough scheme to protect workers.

Calls for stronger welfare support as food banks warn of surge in demand

Food bank use expected to rise by 61% due to the impact of coronavirus.