Older Workers See Biggest Jobs Fall Since 1980’s

Written by RAC Editor
Last updated May 12, 2021

While much of the employment coverage during the pandemic has focused on the younger generation, older workers have also faced enormous challenges. A recent BBC article outlined research from The Resolution Foundation which shows the devastating job losses in the over 50’s and the impact this has on the broader economy.

What did the research find on older workers? 

The resolution foundation recently reported that the decline in employment rate has been twice as high for the over 50’s than it has for those aged 25-49. This suggests that after under 25s, which we know have seen devasting job losses, the over 50’s are one of the largest groups affected by the pandemic.

The statistics support these claims showing that the employment decline in those aged 25-49 was only 0.7% while for the over 50’s it stood at 1.4%. And that during the period from December to February 2021, there were over 100,000 more unemployed workers between 50 and 64 than the previous year.

The Resolution Foundation also highlighted that the problem with these worrying statistics is that older workers are the least likely to recover from job losses, with less than two out of three unemployed older workers finding another job within six months.

As well over 50 losing their jobs, research also shows those aged 50-64 saw a pay decrease of around 9.5% from the previous year. With more financial responsibilities and the preparation for retirement, this has caused massive disruption and uncertainty. The article also stated that those who recover from a job loss often begins a new job at a lower salary.

How can Refreshing a Career help? 

These statistics show how older workers are falling through the cracks of the UK economy. And how government employment schemes and initiatives often don’t include this age group. Refreshing a Career was set up in response to the Covid-19 pandemic. We support communities such as older workers who we saw needed more work support.

Here are some top picks from our site to support older workers

  1. Jobs board

Our jobs board is full of various job opportunities. Each with employers who have committed to employing older workers and those returning to work after a period of absence. You can guarantee when finding jobs on our site that you won’t be ignored or dismissed.

  1. Transferable skillset

Losing your job can majorly knock your confidence and leave you questioning what your skills are. Have a read of our guide to find out how you can use your skills in various roles.

  1. Dealing with CV gaps

Having a gap on a CV can make some people feel anxious about applying for new jobs. Have a read of our resources to find out how to deal with a CV gap.

If you aren’t an older worker but have lost your job due to the pandemic, we can still help. Take a look at our network homesite Embracing Future Potential, to find out how.

Last Updated: Tuesday May 11 2021
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