As the pandemic hit early in 2029, it affected almost every facet of our lives. One of them was an early retirement. Older adults – under the age of 50 – went for early retirement. Once they did retire, it seemed like they were ending their careers once and for all.
These middle-aged workers ended their careers and never returned to the job sector. As a result, a massive labor scarcity took place in all sectors of the country. Now, the government is aiming at bringing these middle-aged retirees back to work. And the motive is to boost the economy.
However, it is essential to note here that these middle-aged workers bid adieu to work during the uncertain days of the pandemic. Since their life was at stake because of the deadly virus, they opted for early retirement – i.e., before the age of 50.
By then, the government was assuming that these middle-aged workers would get back to work once the pandemic was over. But now, the government has come to the realization that these retirees are not thinking of going back to work.
2.5 Million Middle-Aged Retirees Do Not Want to Get Back to Work Anymore
It is an alarming situation for the government. That is why the government is offering these middle-aged retirees a phenomenal potion. Called “Mid-Life MoT,” this latest government initiative will bring new options for these retirees.
The country’s economic affair committee surveyed the country’s economy and saw a staggering decrease in the last three years. Closely examining the causes of the economic downfall of the country, the committee came to the conclusion that the early retirement of middle-aged employees is the leading cause.
Thus, the report notes that middle-aged employees retired earlier than they should. And they never thought of getting back to work. As a result, this created a massive job vacancy, no job applicants, and a “grave labor scarcity” in the market. In turn, this continues to push the economy of the country downwards.
That is why the government is bringing new initiatives to practice to attract middle-aged retirees.
Furthermore, the report suggests that this staggering number of the workforce could have worked for at least ten more years. But due to the mayhem of the pandemic and migration issues, at least 42% of middle-aged workers bid adieu to work.
Consequently, this added to the labor shortage in the job industry. And to counter this, the U.K. government is taking new measures to get back these early retirees to work.
Further reports reveal that almost 2.5 million middle-aged employees are no longer looking for new work. Thus, this poses a challenge to the government.