Early retirees urged to return to work force

Early retirees urged to return to work force

01/10/2023 - 23:08

Reports suggest that the Government is planning to lure retired middle-aged workers back to the workplace to help boost the economy. 

In recent months, problems like inflation have been intensified by low levels of economic activity amongst some working-age people.

Employment still hasn’t recovered to pre-pandemic levels, and figures show that older workers are a big part of the problem.

More than 600,000 over-50s left their jobs in the last three years and did not return to other employment. 

According to reports in The Times, Rishi Sunak wants to encourage thousands of over-50s to return to work by offering them a ‘midlife MOT’ - a check-up designed to help people assess their finances and opportunities for work. 

It’s thought that many over-50s decided to take early retirement based on assumptions made before the cost of living crisis.

Government sources say that no decisions have been made, but suggest the Government wants to find ‘innovative’ ways to address economic inactivity.

As well as retirement, a recent report commissioned by the House of Lords also identified increased sickness, changes in migration patterns and the UK’s aging population as issues with the labour supply.

Figures released in October revealed that nearly 2.5 million people are not looking for jobs because of long-term sickness.

Miles Grady, director of Umbrella.co.uk said: “Re-entering the workforce after a long break isn’t easy. And it’s even more daunting when you're approaching retirement age.

“Taking on flexible, temporary, or part-time work and working through an umbrella company is one of the easiest ways for recent retirees to get back in the labour force.

“Find the right role and you can cash in on decades of experience. Operating through an umbrella company also means you can work on your own terms, without the hassle of running your own limited company.”

For more information about working through an umbrella company, speak to a member of the team today. Call: 01625 544 460.