Posted on 06/04/2022 8:53:26 PM PDT by nickcarraway
Over-50s are resigning at an alarming rate and are unlikely to return to the workforce
If you thought it was only young people fleeing the workforce, think again. The UK is currently seeing a large number of over-50s resigning en masse from the workforce at a startling rate - known as a “silver exodus”.
According to The Times newspaper, around 300,000 more workers aged between 50 and 65 are now considered “economically inactive” than before the pandemic, meaning that these older workers are neither employed or seeking a job.
One would assume that this is a luxury afforded only to those in the middle and upper classes, but research from academics at The Conversation has found that the largest rise in economic inactivity post-pandemic is from workers earning roughly £18,000 to £25,000 per year in their most recent job. The industries with the largest rises in inactivity among the over-50s are wholesale and retail (40%), transport and storage (30%), and manufacturing (25%).
There are several reasons for this; these sectors were severely affected by the pandemic and there was an assumption among these workers that they were unlikely to get their jobs back. Therefore, many chose to retire early rather than seek out another job.
These are also sectors where it’s not possible to work remotely, so perhaps some older workers chose to resign out of concern for their health.
Unlikely returns
A big question on many leaders’ lips is will this group ever return to work in the future? Research from The Conversation suggests that this is unlikely to happen given that the rise in inactivity among the over-50s is already three times higher than after the last financial crisis.
Leaders should also consider the fact that this group has no desire to come back to work. Their main reasons for leaving are retirement and sickness, although the research shows that this started at least two years before the pandemic and wasn’t affected much by the pandemic itself.
It is also worth mentioning that pre-pandemic, the number of retirees was falling as workers had been retiring later in life, driven by increases in the state pension age from 65 to 66 from 2019 to 2020. This rise during and after the pandemic is, according to The Conversation, partly the emergence of a hidden trend while the state pension rose.
Business implications So what does this all mean for businesses today? Is there anything that can be done to reverse this? Because the rise in inactivity is concentrated in the lowest-income parts of the country, where the government already offers work incentives, there is a possibility that the government could extend these incentives, such as Working Tax Credits, to reach lower-middle class people to encourage them to go back to work. But considering the current economic situation, it’s unlikely this will happen.
What are they going to live on, their pensions? Most of these won’t have one and those who do will find that either they won’t be enough thanks to inflation or their governments will make an excuse to confiscate them. Same goes for any savings they might have.
No, “retirement” for anyone not of the ruling class will soon go the way of whalebone corsets and spats.
I just read that older workers were hangin’ on due to bidenflation. Which is it?
I bet they are counting on the value of their homes, I have seen this movie before, God help them.
corporate focus on wokism, diversity, CRT, genderism, QWERTYism,pronouns, and related crap instead of focus on actually getting your job done is driving out workers who just want to work without disctractions ... soon, no one will remain except those who spend all of their time on wokism, diversity, genderism, QWERTYism, CRT and all of that other crap ...
my guess is that any company that simply abolishes everything unrelated to working will have its doors beat down by the best of the best seeking to work there ...
The article is about the U.K.
.
Too many people had their eyes opened once the globalists locked down economies of all countries in a coordinated effort under the guise of a pandemic.
To see the Communist organization Black Lives MatterTM championed by politicians in countries that never had racism was taking it too far.
Having governments support illegal immigration and "refuge resettling" at the expense of productive workers exposed the fraud. Why work to support those who are there to replace you and those who are bringing them in to replace you? If it's already a done deal, why bother?
It's like a company bringing in new employees, telling you to train them, and that afterwards you'll be fired. Why not just walk away?
The coordinated riots around the world, especially in the United States, showed how clear the lie was with the number of white people rioting, claiming it was "protesting" racism. If these white people targeting you are going to live off the taxpayers' hard work, why not stop working?
In the US, Boomers have the best work ethic and are old enough not to need Obamacare insurance.
Employers love us.
When will they institute something like Shirley Jackson’s lottery?
In other words people who are better off on the dole. Same reason so many businesses here can’t find workers. A Biden paradise! Isn’t Socialism wonderful?
Or what ants do: the older worker ants shuffle off to dispose of the now-dead worker ants that were even older than they, and patiently wait their turn...
Could be some of both. I’m in my late 50’s. Told some friends I’m almost certainly working till I’m 70. As much as I can afterwards if I’m able. Meanwhile, a co-worker, about my age, who’s husband is already retired on a city pension, just retired. Kids are gone. House is paid off. “Work (here) isn’t fulfilling any more.” She worked at home during the ‘Rona, too.
My guess is she’ll go back and find work someplace after a long break. Just like her husband did.
I’m pulling in $14K this month. If I can keep this pace, my husband can retire.
Medical debt wiped us out and although we have finally recovered (while raising 3 kids), the likelihood is that I will work until I die.
Since COVID-19 scarred up my lungs so badly, I have about 10 years left. Upon my death he gets half a million, not including home, savings, and other assets, so my husband will not be living on cat food.
This presumes, of course, that it doesn’t all go to hell.
6 MINUTE MIND BLOWING VIDEO REVEALS THE ULTIMATE SCAM WE’RE LIVING!
(TIN = TAX ID NUMBER)
https://www.youtube.com/watch?v=zBomGobKzG4
We are literally a dying breed.
(OK maybe "Breed" is not the right word but you get my drift)
The baby boom ended in 1964 IIRC right?
Today is my 61st birthday. By God’s grace I plan to keep up some kind of work until the kids take the car keys.
Nice, but you can't get ahead on $14k/month?
I am sorry COVID hurt your lungs. But keep an eye out for ways to remediate that. Hopefully you will live a lot longer than 10 years.
I wonder how many retired rather than be forced to have FRANKENSTEIN vaccinations?
Must be nice. Those of us in the private sector can only dream of the “golden years” such “civil servants” get to enjoy, paid for by us.
For years the kids screamed that the boomers should “get out of the way.”
We did.
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