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Concern: Millions of older workers face ‘years of financial uncertainty’
Over-50s with long-term health problems are being left broke thanks to employers’ “age-discriminatory assumptions,” according to a new study.
The Center for Aging Better (CAB) found that people aged 50 to 64 were 60 percent more likely to be out of work than those aged 35 to 49 with similar conditions.
That means millions of older workers face “years of financial uncertainty” before reaching retirement, he concluded.
It was the latest study to highlight Britain’s need to bring more people over 50 back into the workforce and reverse the rise in those who are “economically inactive” (neither working nor looking for work).
These total 9.3 million among all people of working age, including 3.6 million between 50 and 64 years old. The report found that Britain has much higher rates of inactivity due to illness among people over 50 than Germany, France and Italy.
Closing that gap could add 192,000 workers to the labor market and £13bn a year to the economy, according to the study. The report blames “widespread discriminatory assumptions that underestimate the value of older workers” as well as a lack of support.
Emily Andrews, deputy director of labor at the CAB, said: ‘Before the pandemic, job growth was largely driven by increased participation by workers aged 50 and over.
“This trend has stalled and, for Labor to meet its ambitions of an 80 per cent employment rate, its health and jobs initiatives will have to work for people aged 50 to 60.”
Andrews called for a “positive tone towards age” from the government and the report wants it to set targets including 75 per cent employment for people aged 50 to 64 by 2030.
“It’s not health that’s holding this age group back, it’s a lack of employment support and (many) employers not giving them the opportunity to contribute fully,” Andrews said.
The report said it was a “myth” that older workers with long-term health problems would inevitably be forced out of work.
Of the 10.75 million people who work in this condition, more than 40 percent are over 50 years old, it found. Carole Easton, chief executive of the CAB, said: “Older workers with long-term health problems already make a considerable contribution.” But this could be so much more.”
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