Britain's government is unlikely to be able to tempt back to work people who retired early during the COVID-19 pandemic, as most are better-off and few people return to work after lengthy periods out of the labour force, a think-tank said on Tuesday.
"We need to reboot progress on getting people into work, but we're not going to achieve it by persuading the recent COVID cohort of older workers to 'unretire'," Resolution Foundation economist Louise Murphy said.
"Instead, we need to do more to encourage mothers in low-income families into work, and help people who need to take periods of time-off for ill-health stay attached to their jobs," she added. Only one-in-10 people aged 55 to 59 who left the workforce since the pandemic were claiming welfare benefits, so changes to eligibility rules were unlikely to bring many back as workers, the think-tank said.
People who had been out of the labour force for two-and-a-half years - as is the case for those who retired in mid-2020 - historically had only a 2% chance of returning to work in the next three months, it added. If the government wanted to make early retirement less attractive in future, the Resolution Foundation said it should consider increasing further the minimum age at which people can access funds they have paid into private pension plans. This stands at 55, and is due to rise to 57 in 2028.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mardi Gras 2023: What to know about Fat Tuesday celebrations and traditionsNew Orleans hosts the most famous Mardi Gras celebration in the U.S. This year, it has been holding events since the official start of Carnival season on Jan. 6.
Read more »
San Diego lands 8 teams in CIF Southern California water polo playoffs, which start Tuesday nEl Camino claims top spot in Division II bracket, will host Coronado at Oceanside's new William Wagner Aquatic Center
Read more »
Retailer Tuesday Morning to close more than half its stores following bankruptcyTroubled discount home-goods retailer Tuesday Morning Corp. will close more than half its locations nationwide after filing for Chapter 11 bankruptcy...
Read more »
Ohio Department of Health clinic opening Tuesday in East Palestine for concerned residentsThe Ohio Department of Health, in partnership with the Columbiana County Health Department, is opening a clinic for East Palestine residents starting this week.
Read more »
East Palestine health clinic to open on TuesdayA Health Assessment Clinic will open at 12 p.m. on Tuesday, for any East Palestine area residents with medical questions or concerns related to the recent train derailment.
Read more »