We are in an older worker employment crisis: employment rates have now recovered to their pre-pandemic levels – except for over 50s. After decades of growth, the employment rate of 50-64s is still lower than it was pre-pandemic – and there are over 250,000 more who are neither in nor seeking work. And the House of Lords economic affairs committee says this is presenting 'serious challenges' for the economy.
And yet only 1 in 10 out-of-work 50-64s are receiving encouragement, advice and support to help them find work. As the cost-of-living crisis bites, many pandemic retirees will be wondering if they can return to the labour market – but without anywhere they feel they can go for help or training.
There are some services available but there needs to be so much more support on offer. At the very least, the government’s Restart programme needs to broaden its offer beyond individuals attending Jobcentres and claiming benefits to help older workers who have disengaged with the labour market altogether. Even better, we should see the People and Skills element of the Shared Prosperity Fund (the UK replacement for EU skills and employment funding) – currently due in 20024/25 - brought forward to the next financial year, to provide the holistic, local services this group needs and wants to return to the workplace.