Redundancies among the many over-50s have soared prior to now yr, and will rise even additional as soon as employers are required to contribute extra in direction of the pay of furloughed workers, a report has warned.
The variety of over-50s made redundant nearly tripled to 107,000 between final November and January 2021, analysis by Relaxation Much less discovered.
The organisation, which supplies 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 full furloughed workforce of 4.65 million.
Stuart Lewis, founding father of Relaxation Much less, stated: “Whereas 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 additional extension to the furlough scheme has stemmed the stream of redundancies for now, however redundancy charges amongst the over-50s stay stubbornly excessive and are the very best amongst all age teams.
“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 amongst employees of their 50s and 60s when struggling employers are required to extend their contribution to the furlough scheme from July.
“That is of concern to all of us, as earlier analysis has proven that after unemployed, employees over the age of fifty are two-and-a-half instances extra prone to drift into long-term unemployment than their youthful counterparts, as a consequence of a mixture of age discrimination within the recruitment course of and a scarcity of accessibility to tailor-made retraining programmes.”
Kim Chaplain, affiliate director of labor on the Centre for Ageing Higher, stated: “These figures present simply how devastating the impression of the pandemic has been on over-50s.
“That is significantly worrying as a result of we all know that over-50s are prone to battle greater than every other group to get again into work – so we threat seeing many of those individuals leaving the workforce for good.
“We have to see focused employment help to assist over-50s again to work, and a robust message from the federal government that not solely is that this group simply as entitled to work as youthful employees, in addition they present a worthwhile contribution we can not afford to lose.”
A authorities spokesperson stated its technique to work with employers, previously often called Fuller Working Lives, was supporting round 600,000 claimants aged over 50.
She stated: “Older employees are an enormous asset to this nation, and heading into the pandemic, we noticed file numbers of older employees in employment.
“As we construct again higher we need to guarantee there’s contemporary alternative for this group too, and we’re already serving to many again into work by our Plan for Jobs and our refreshed 50 Plus: Selections provide – whether or not it’s help to construct new expertise, achieve worthwhile work expertise, or just to seek out new employment.”