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COVID-19: Older workers suffer the biggest annual impact on employment since the 1980s | Economic news

The over-50s suffered their biggest annual decline in employment since the 1980s due to the COVID-19 economic crisis, new figures show.

A study by the Resolution Foundation found that while under 25 were by far the most affected by the job losses caused by the pandemic, the cost of layoffs may be particularly high for older workers.

They take longer to return to work and suffer the most income when they do, he found.

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Why the unemployment rate fell for the third month

According to the study, workers aged 16 to 24 have seen the number of jobs decline by 3.9% in the past year, compared to 0.7% for those aged 25 to 49 and 1.4% for those aged 50 to 69.

The decline for older employees comes after a period of near-continuous employment growth for this age group since the mid-1990s, the study finds, with men over 50 only experiencing a decline relatively low employment following the financial crisis.

At the same time, the employment rate of women in the workforce rose from 46% in 1990 to 68% on the eve of the pandemic.

The cost of firing as an older worker was highlighted by figures showing that six months after losing their job, only 62% of those over 50 had returned to work, compared to almost three-quarters of those in the groups. of younger age.

People over 50 also have to work for less, typically seeing a 9.5% drop in their hourly wages compared to what they were earning before they were laid off.

This compared to a 4% pay cut for 25-49 year olds and a 5.1% increase for those under 25.

Nye Cominetti, senior economist at the Resolution Foundation, said: “The COVID-19 crisis has …

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This notice was published: 2021-04-26 07:30:00