Why we must reverse over-50s brain drain Left by pandemic

TARGETED measures are essential to preventing the loss of more older workers to early retirement, experts claim.

It follows a warning from the Bank of England that Britain has not recovered its pre-pandemic workforce, with early retirement playing a “significant” role in the rise of economically inactive 50 to 64-year-olds.

Office for National Statistics figures show more than 250,000 in that age group have left work in the past three years.

The rise has not been seen in other countries and could restrict the nation’s economic output, said the Bank.

Experts are now calling for specific measures – such as flexible working, being more accommodating to people with health conditions and improving job descriptions – as they urge the Government to put together an Ageing Workforce Strategy.

Council leaders have also warned labour shortages in rural areas have seen a “dramatic rise and account for the vast majority of new ‘missing’ workers since March 2020”.

These areas have seen a “sharp rise in the lifestyle choice of early retirement and an increase in long-term sickness”.

Alice Dawson, researcher at Demos think tank, said: “Ill health can be a significant barrier to older people’s ability to continue in their 50s and 60s, and is an important reason for people taking early retirement.”

She said that recent polling, which found nearly half of GPS intended to retire early because of “work-related stress and mental health problems”, could also be a factor across other sectors for older staffers.

The statistic also “emphasises the need for employers and the Government to do more to support the mental and physical health of older workers”, she said, such as the creation of “age-inclusive workplace cultures, job designs and recruitment practices”.

She also suggests “improving access to occupational health

services to enable older people with health problems to continue working”. Dr Jonathan Cribb, associate director at the Institute for Fiscal Studies, noted early retirement rates peaked in 2021, suggesting “it may have been something specific about the experience of the pandemic that has driven the change”.

Luke Price, senior research and policy manager at the

Centre for Ageing Better, said job adverts could unintentionally exclude older applicants.

He said: “Workers aged 50 and above form a huge talent pool that is currently underused by many employers who may undervalue their potential due to ageist assumptions about their competency and commitment.”

He said national statistics showed flexible working is “the most important” factor among older workers returning to the office, with working at home being a priority for one in eight.

Mr Price warned against using tax incentives to get over-50s working, as they risked “stoking inter-generational conflict”.