Government money will be spent on new measures to help thousands of unemployed over-50s. Job seekers will benefit from more individualized support to help them find a job before they retire.
According to a study published by Legal & General Retail Retirement (LGRR) and the Center for Economics and Business Research (Cebr), one in 10 over 50s disappeared from the workforce in the past five years after being laid off.
Of the 177,000 people over 50 made redundant each year, an estimated 20,000 have left the labor market altogether.
Older workers are more likely to be made redundant than their younger peers and many have found the pandemic particularly difficult when it comes to finding new employment.
Now the DWP has announced a new support program to help these older workers re-enter the workforce.
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The Center for Aging Better welcomed the news which it said would help older people who typically face more challenges than their younger counterparts.
Carole Easton, Chief Executive of the Center for Aging Better, said: “To see DWP continue to recognize the importance of a tailored approach for older workers is truly welcome.
“We know that older workers face unique challenges, such as ageism in the workplace and a possible skills gap compared to some of their younger counterparts, so we will gladly support any tailored action that will begin to remove these significant barriers that stand in the way older people access fulfilling work.
It’s not just ageism that many older Britons find difficult – research shows people over 50 are more likely to have caring responsibilities, 12% of men and 16% of women aged 55 at age 64 providing care to someone else.
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The £22 million DWP support package includes:
- New measures to help a quarter of compensated jobseekers find work
- Multi-million package will increase Jobcentre support for over-50s, including those considering retirement
- The long-term unemployed will be referred to the multi-billion pound Restart scheme which is already supporting a quarter of a million back to work.
More information can be found on Gov.uk.