As the furlough ends, older staff have been cautioned of “redundancy” – “the full impact has yet to be known.”
AN AGEING WORKFORCE could face a crisis, according to a recent study, which revealed that thousands of Britons are either economically inactive or unemployed. This is a big issue, especially when the furlough arrangement comes to an end tomorrow, leaving many people unclear of what to do next.
Today is the last day of the furlough program; yet, while it has protected millions of jobs, many workers over the age of 50 are concerned about their futures. According to a research conducted by Rest Less, a digital community and advocate for adults in their fifties, sixties, and beyond, the job market for older employees is “precarious.” When compared to two years earlier, approximately 600,000 more over 50s are now classified as economically inactive or unemployed, according to the study.
According to the organization’s analysis of data, persons aged 50 and older on furlough accounted for 35% of the total number of people still on furlough at the end of July.
Rest Less said 454,900 of the 543,700 over 50s still on the scheme were between the ages of 50 and 64, while 88,000 were 65 and up, according to the most current Government data.
The organization is concerned that the pandemic has “devastated” the job market for senior people in recent years.
Longer-term trends have shown that the over 50s have driven major employment growth in recent decades, but there are concerns that this tendency may be reversed.
The situation could also cause personal problems, with many older workers unsure what to do next in light of the precarious job market.
“The loss of any big proportion of society from the working is cause for great concern, and risks dragging down the economic recovery for all,” said Stuart Lewis, founder of Rest Less.
“While economic inactivity is a choice and a planned exit from the workforce for some workers aged 50 and older, many others are faced with an early retirement they are not financially nor emotionally prepared for.”
One woman, Diana Gaglio, has had to deal with difficult situations. After spending the previous 14 years working as an entertainment manager for a holiday firm, the 53-year-old from Bedfordshire was on sabbatical from March to November 2020.
Her job required her to travel internationally, and she would frequently spend seven months in one country before relocating. “Brinkwire News Summary.”