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Redundancies soar among over-50s with further job losses expected, report warns

Redundancies among the over-50s have soared up to now yr, and will rise even further as soon as employers are required to contribute extra in direction of the pay of furloughed employees, a report has warned.

The variety of over-50s made redundant nearly tripled to 107,000 between final November and January 2021, analysis by Rest Less discovered.

The organisation, which provides recommendation and assist to older individuals, additionally discovered there have been an estimated 1.3 million over-50s on furlough on the finish of February 2021 – 28 per cent of the overall furloughed workforce of 4.65 million.

Stuart Lewis, founding father of Rest Less, mentioned: “While there are many causes to be optimistic in regards to the economic system beginning to open up, it’s clear that companies are removed from out of the woods but, with many nonetheless struggling to outlive and the extent of redundancies remaining traditionally excessive.

“The further extension to the furlough scheme has stemmed the circulation of redundancies for now, however redundancy charges amongst the over-50s stay stubbornly excessive and are the best among all age teams.

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“With an estimated 1.3 million employees over the age of fifty nonetheless on furlough, there’s a very actual hazard of a tsunami of redundancies among employees of their 50s and 60s when struggling employers are required to extend their contribution to the furlough scheme from July.

“This is of concern to all of us, as previous research has shown that once unemployed, workers over the age of 50 are two-and-a-half times more likely to drift into long-term unemployment than their younger counterparts, due to a mix of age discrimination in the recruitment process and a lack of accessibility to tailored retraining programmes.”

Kim Chaplain, affiliate director of labor on the Centre for Ageing Better, mentioned: “These figures present simply how devastating the affect of the pandemic has been on over-50s.

“This is especially worrying as a result of we all know that over-50s are more likely to battle greater than another group to get again into work – so we threat seeing many of those individuals leaving the workforce for good.

“We need to see targeted employment support to help over-50s back to work, and a strong message from the government that not only is this group just as entitled to work as younger workers, they also provide a valuable contribution we cannot afford to lose.”

A authorities spokesperson mentioned its technique to work with employers, previously often known as Fuller Working Lives, was supporting round 600,000 claimants aged over 50.

She mentioned: “Older employees are an enormous asset to this nation, and heading into the pandemic, we noticed document numbers of older employees in employment.

“As we build back better we want to ensure there is fresh opportunity for this group too, and we’re already helping many back into work through our Plan for Jobs and our refreshed 50 Plus: Choices offer – whether it’s support to build new skills, gain valuable work experience, or simply to find new employment.”

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