Home / Business and Economy / Over-50s Face Jobs Crisis: 2.15 Million on Benefits
Over-50s Face Jobs Crisis: 2.15 Million on Benefits
1 Mar
Summary
- Unemployment for Britons aged 50-64 is at a record high.
- Over 2 million individuals in this age group are on out-of-work benefits.
- A commission is examining the economic impact of midlife joblessness.
The number of Britons aged 50 to 64 receiving out-of-work benefits has reached an unprecedented 2.15 million. This figure, exceeding 2 million for the first time, represents a substantial increase of 600,000 since the pandemic began, leading to concerns about forced retirements.
In response, the Centre for Social Justice has established a commission to investigate what it terms 'a midlife crisis for the economy'. This expert panel includes notable figures such as broadcaster Angela Rippon and Penny Lancaster, wife of Sir Rod Stewart. The economic cost of this situation is estimated to be £16 billion annually in lost tax revenue.
Penny Lancaster, while acknowledging her own privileged circumstances, expressed a desire to help reframe midlife as a period of opportunity. She highlighted that many women in their 40s, 50s, and 60s feel overlooked despite their valuable experience. The commission intends to listen to the challenges faced by individuals in this age group and develop solutions.
Liz Earle, founder of a wellbeing brand, will chair the commission. She stated that people in midlife have been neglected despite their resilience and experience, resulting in significant costs to individuals, businesses, and the government. The commission aims to ensure that individuals in their prime are not blocked from reaching their potential.
