Official data reveals large proportion of over-50s have worked fewer hours and are more likely to have been made redundant in the wake of the pandemic. The figures from the Office for National Statistics showed that workers aged 50 and over were more likely to report working fewer hours than usual, with those over 65 most likely to say they had worked reduced hours. The over-50s also made up more than a quarter of the 1.3 million people who were furloughed, and three in 10 of those workers on furlough believe there is a 50% or higher chance that they will lose their job when the scheme ends. Between December 2020 and February 2021, the employment rate for those aged 50 to 64 fell from 72% to 71%, and for those aged 65 years and over it fell from 11.5% to 10%. Those over 50 also saw the highest increase in redundancy over the same period, more than doubling from 4.3 to 9.7 per thousand and representing the highest redundancy rate across age groups in the latest quarter. The figures also showed that one in eight workers aged 50 and over have changed their retirement plans as a result of the pandemic, with 8% planning to retire later than originally planned. Last month, the Resolution Foundation reported that, after almost consistent employment growth for older workers since the mid-1990s, since the start of the pandemic employment among workers aged 50 to 69 dropped 1.4 percentage points. The figures indicate a growing gap between those who have choices over many aspects of their lives, including where and when to work and timing of retirement, and those who are in a situation with much lower control – in less secure jobs with little or no choice over decisions around retirement.

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