The over-50s who are unfortunate enough to lose their jobs will probably spend more time unemployed than their younger counterparts.
Analysis reported by the Institute for Public Policy Research (IPPR) declares that 46 per cent of people (182,000) that are currently out of work have been unemployed for over a year. This figure has risen from 31 per cent of long term unemployed in 2009 and is now at its highest level since 1997 and the Labour party came into power.
Whilst there are companies who are positively employing an older workforce such as Marks & Spencers, British Telecom, Sainsbury’s and B&Q, the data suggests that less and less over 50s are finding employment in these financially troubled times.
For employees nearing the end of their working lives this comes as worrying news, as a lot of older workers will have to continue working past their retirement age due to the raise in pensionable ages to 66 by 2020. Also, many people are discovering that they won’t be financially secure enough to retire at the age they had originally planned.
Recent government figures revealed that there are now 850,000 people classed as long-term unemployed, THE IPPR’S director, Nick Pearce, said: : “Being out of work for more than a year can have a scarring affect, making it harder to get a job as well as having a negative impact on one’s health and wellbeing.”
Long term unemployment is rising amongst younger workers as well. The mid 2000s saw 11% of 18-24 year olds out of work for over a year, that figure has now risen sharply to 27%, with a total of 198,000 young people searching for jobs. The age group has been dubiously dubbed as the ‘lost generation’ amongst the British workforce.
However the news isn’t all bad. This Office for National Statistics has released figures that show overall unemployment falling by 36,000 in the first quarter of the year to a total of 2.46 million, this is the second consecutive quarterly fall.
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