Why we should worry about the post-Covid exodus of older workers

Concerns around unemployment during the pandemic have, understandably, been focused on younger people. Last year it was under-24 year olds most likely to be furloughed and then subsequently made unemployed when coming off the government’s scheme. For millions, the fate of their jobs remains on the line, as unemployment is expected to rise over the course of the year (albeit far less than originally predicted), even as the economy rebounds when lockdown restrictions lift.

But today the Office for National Statistics flags another concern; one that could potentially have a bigger impact on the labour market’s recovery post-pandemic. While the youngest have experienced a substantial economic hit from the virus, so have those at the other end of the working-age spectrum.

‘While the impact of the coronavirus… pandemic has been greatest for younger workers,’ reports the ONS, ‘older workers aged 50 years and over have been affected to a greater extent than those in the middle age groups.’