Labour market figures, released today by the UK’s Office of National Statistics (ONS), show that while economic inactivity has edged down over the past year, it remains a persistent challenge.
We often talk about the challenges of supporting the younger generations but Catherine Foot, Director of think tank Phoenix Insights reminds us that economic inactivity is a particular challenge among over-50s.
Foot explains: “Too many people who could contribute to the workforce are still facing barriers to work, and without action, we risk undermining both economic growth and individuals’ long-term financial security”.
Adjustments needed
Encouragingly, wage growth continues but pay alone is not enough to support over 50s back into employment. People in this age category need greater flexibility, better job security, and support to balance work with health conditions and caring responsibilities. Phoenix Insights’ research shows that nearly two-thirds of over 50s believe flexible working would help them stay in work for longer.
Foot expands: “Government and businesses must work together to break down employment barriers – through more inclusive recruitment, paid carers’ leave, and tailored career guidance to help people retrain and stay in work for longer. The government’s Employment Rights Bill and Get Britain Working White Paper recommendations are positive steps, but further targeted action is needed to create a labour market that works for all ages.”
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