Featured Article

featured

Nye Cominetti, Senior Economist at the Resolution Foundation

User Rating: 5 / 5

Star ActiveStar ActiveStar ActiveStar ActiveStar Active

A U-Shaped crisis 

Young people have been at the epicentre of the Covid-19 crisis. The severe restrictions and lockdown closures of social sectors of the economy – such as hospitality, retail, arts and leisure, where young workers are concentrated – has led millions of our youngest workers to be put on furlough or, worse still, lose their jobs.

But the UK’s jobs crisis has actually followed a U-shape (or, to be more exact, a reverse J!) with older workers also badly affected by the crisis. The employment fall among workers over the age of 50 has been twice as large as the fall for those aged 25-49. In fact, this 1.4 percentage point annual employment fall for older workers has been as sharp as fall since the 1980s – and has come despite the protection of the furlough scheme.

We should obviously worry about all job losses, whatever one’s age. But there are three reasons to be particularly concerned about job losses among older workers.

Three reasons to be particularly concerned about job losses among older workers

1. Workers over the age of 50 take longer to return to work

First, workers over the age of 50 take longer to return to work when they lose their jobs. While around three-in-four workers under the age of 50 are able to return to work within six months of becoming unemployed, fewer than two-in-three older workers are able to.

2. Big pay reductions when they do return to work

Second, older workers tend to take big pay reductions when they do return to work. The combination of returning to work on lower hourly pay, and working fewer hours, means that, on average, older workers returning to employment earn 17 per cent less than they did in their previous job.

3. Material impact on retirement plans

Third, and related to the above concerns, losing your job can have a material impact on people’s retirement plans. It can push people towards premature retirement – though the fact this is more associated with high-income households at least suggests there is an element of choice about this. On the other hand, unemployment among older workers can push them towards retiring later than planned, as they continue working to make up for their lost earnings.

So what can be done to support older workers back into employment?

The Government has been pretty active in introducing new employment support schemes during the pandemic, including Kickstart for younger workers and Restart for the long-term unemployed.

The key however, is to ensure that support can be tailored towards older workers, who often find it hardest to return to employment. Evaluations of the Work Programme, the predecessor to Restart, have found that it had a mixed record on helping older workers.

Better tailoring of job support schemes should also be coupled with an expansion of retraining support for older workers – particularly for those with long careers in one sector, for example retail, who will need to extra support to make a big jobs switch. Again, while we need to address the lack of workplace training for younger workers, we shouldn’t forget that older workers can really benefit from retraining.

With the economy reopening and set to grow rapidly, the hope is that the current crisis will be relatively short-lived. But with the furlough scheme due to end this Autumn, the UK unemployment peak is ahead of us, rather than behind us.

We must do all we can to limit future job losses and return to record employment – and that means supporting workers of all ages.

Nye Cominetti, Senior Economist at the Resolution Foundation

Sponsored Video

Register, Login or Login with your Social Media account:


Advertisers

Upcoming FE Events

Advertiser Skyscrapers

Newsroom Activity

Saj Mohammad MSET had a status update on Twitter 26 minutes ago

@WhatTheTrigMath @ColeFey Congratulations Fey! ???
View Original Tweet

FE News: The Future of Education News Channel shared a video in channel. 11 hours 34 minutes ago

Rethinking Employability – Preparing young...

An interactive and engaging seminar hosted by The Edge Foundation & Envision, chaired by broadcaster and journalist Steph McGovern

FE News: The Future of Education News Channel had a status update on Twitter 11 hours 35 minutes ago

Landmark skills training report calls for wide-ranging reboot of UK system: @BritishChambers and @Indeed's major ne… https://t.co/r4uG63voUM
View Original Tweet

Latest Education News

Further Education News

The FE News Channel gives you the latest education news and updates on emerging education strategies and the #FutureofEducation and the #FutureofWork.

Providing trustworthy and positive Further Education news and views since 2003, we are a digital news channel with a mixture of written word articles, podcasts and videos. Our specialisation is providing you with a mixture of the latest education news, our stance is always positive, sector building and sharing different perspectives and views from thought leaders, to provide you with a think tank of new ideas and solutions to bring the education sector together and come up with new innovative solutions and ideas.

FE News publish exclusive peer to peer thought leadership articles from our feature writers, as well as user generated content across our network of over 3000 Newsrooms, offering multiple sources of the latest education news across the Education and Employability sectors.

FE News also broadcast live events, podcasts with leading experts and thought leaders, webinars, video interviews and Further Education news bulletins so you receive the latest developments in Skills News and across the Apprenticeship, Further Education and Employability sectors.

Every week FE News has over 200 articles and new pieces of content per week. We are a news channel providing the latest Further Education News, giving insight from multiple sources on the latest education policy developments, latest strategies, through to our thought leaders who provide blue sky thinking strategy, best practice and innovation to help look into the future developments for education and the future of work.

In May 2020, FE News had over 120,000 unique visitors according to Google Analytics and over 200 new pieces of news content every week, from thought leadership articles, to the latest education news via written word, podcasts, video to press releases from across the sector.

We thought it would be helpful to explain how we tier our latest education news content and how you can get involved and understand how you can read the latest daily Further Education news and how we structure our FE Week of content:

Main Features

Our main features are exclusive and are thought leadership articles and blue sky thinking with experts writing peer to peer news articles about the future of education and the future of work. The focus is solution led thought leadership, sharing best practice, innovation and emerging strategy. These are often articles about the future of education and the future of work, they often then create future education news articles. We limit our main features to a maximum of 20 per week, as they are often about new concepts and new thought processes. Our main features are also exclusive articles responding to the latest education news, maybe an insight from an expert into a policy announcement or response to an education think tank report or a white paper.

FE Voices

FE Voices was originally set up as a section on FE News to give a voice back to the sector. As we now have over 3,000 newsrooms and contributors, FE Voices are usually thought leadership articles, they don’t necessarily have to be exclusive, but usually are, they are slightly shorter than Main Features. FE Voices can include more mixed media with the Further Education News articles, such as embedded podcasts and videos. Our sector response articles asking for different comments and opinions to education policy announcements or responding to a report of white paper are usually held in the FE Voices section. If we have a live podcast in an evening or a radio show such as SkillsWorldLive radio show, the next morning we place the FE podcast recording in the FE Voices section.

Sector News

In sector news we have a blend of content from Press Releases, education resources, reports, education research, white papers from a range of contributors. We have a lot of positive education news articles from colleges, awarding organisations and Apprenticeship Training Providers, press releases from DfE to Think Tanks giving the overview of a report, through to helpful resources to help you with delivering education strategies to your learners and students.

Podcasts

We have a range of education podcasts on FE News, from hour long full production FE podcasts such as SkillsWorldLive in conjunction with the Federation of Awarding Bodies, to weekly podcasts from experts and thought leaders, providing advice and guidance to leaders. FE News also record podcasts at conferences and events, giving you one on one podcasts with education and skills experts on the latest strategies and developments.

We have over 150 education podcasts on FE News, ranging from EdTech podcasts with experts discussing Education 4.0 and how technology is complimenting and transforming education, to podcasts with experts discussing education research, the future of work, how to develop skills systems for jobs of the future to interviews with the Apprenticeship and Skills Minister.

We record our own exclusive FE News podcasts, work in conjunction with sector partners such as FAB to create weekly podcasts and daily education podcasts, through to working with sector leaders creating exclusive education news podcasts.

Education Video Interviews

FE News have over 700 FE Video interviews and have been recording education video interviews with experts for over 12 years. These are usually vox pop video interviews with experts across education and work, discussing blue sky thinking ideas and views about the future of education and work.

Events

FE News has a free events calendar to check out the latest conferences, webinars and events to keep up to date with the latest education news and strategies.

FE Newsrooms

The FE Newsroom is home to your content if you are a FE News contributor. It also help the audience develop relationship with either you as an individual or your organisation as they can click through and ‘box set’ consume all of your previous thought leadership articles, latest education news press releases, videos and education podcasts.

Do you want to contribute, share your ideas or vision or share a press release?

If you want to write a thought leadership article, share your ideas and vision for the future of education or the future of work, write a press release sharing the latest education news or contribute to a podcast, first of all you need to set up a FE Newsroom login (which is free): once the team have approved your newsroom (all content, newsrooms are all approved by a member of the FE News team- no robots are used in this process!), you can then start adding content (again all articles, videos and podcasts are all approved by the FE News editorial team before they go live on FE News). As all newsrooms and content are approved by the FE News team, there will be a slight delay on the team being able to review and approve content.

 RSS IconRSS Feed Selection Page