Chancellor Jeremy Hunt has urged older people to return to work in order to help the country thrive.<\/p>\n\n\n\n
As record numbers of people return to the workforce, an army of older people is leading a major jobs revival in the UK. According to new data, nearly 50,000 people who had previously been economically inactive have returned to work in the last three months.<\/p>\n\n\n\n
The “great unretirement” is an indication that the cost-of-living crisis is forcing people to supplement their incomes.<\/p>\n\n\n\n
This 2023, Chancellor Jeremy Hunt urged older workers who had left the workforce due to the pandemic to return in order to help alleviate chronic labour shortages.<\/p>\n\n\n\n
Ministers are also looking into pension reforms to entice over-50s to return to the workforce.<\/p>\n\n\n\n
According to the Office for National Statistics (ONS), 48,000 people moved from economic inactivity to employment between September and December.<\/p>\n\n\n\n
Based on the ONS, this was a record-high movement of economically inactive people into the labour force.<\/p>\n\n\n\n
Andrew Bailey, governor of the Bank of England, said earlier this month that inactivity among 50 to 65-year-olds was dragging on the UK’s labour supply and “weighs on the economy’s potential”.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Chancellor Jeremy Hunt has urged older people to return to work in order to help the country thrive. As record numbers of people return to the workforce, an army of … <\/p>\n