Research shows over 50s more likely to be made redundant

New research shows workers in their 50s are more likely to be made redundant.

Redundancy

 

Redundancy rates amongst 50 somethings are more than double the rates for those in their 40s, according to new research.

According to analysis of April to June redundancy data from the Office of National Statistics by Rest Less, a membership organisation for over 50s, redundancy rates in the UK amongst those in their 50s were more than twice that of those in their 40s.  Between April and June this year, 31,000 people in their 50s were made redundant (a redundancy rate of 5.4 per 1,000 employees) compared with 15,000 people in their 40s (who had a redundancy rate of 2.5 per 1,000 employees).

Those in their 60s (60-69 year olds) were second to those in their 50s as the age group most likely to be made redundant, with a redundancy rate of 5.2 per thousand employees. Millennials (16-29 year olds) came next: 26,000 were made redundant between April and June this year (a redundancy rate of 3.7 per 1,000).  Those aged in their 40s were the group least likely to be made redundant.

Stuart Lewis, Founder of Rest Less, said: “These official figures are confirmation that age discrimination doesn’t just occur in the recruitment process, but also with older employees who receive less workplace training, and are more likely to be made redundant than their younger counterparts.

“Many in their 50s and 60s are stuck between a rock and a hard place – with an ever increasing state pension age forcing them to work for longer, and widespread age discrimination making it harder than it should be to find and retain employment.

“Given generational lows in the unemployment rate and an extremely tight labour market – progressive employers who embrace the opportunity to work with this highly skilled and talented part of the workforce will be the ones who prosper – as life expectancy continues to rise and the UK population as a whole ages.”

Jagdeep Soor, Senior Programme Manager (Work) at the Centre for Ageing Better, called on the Government to do more to incentivise employers to recruit older workers.



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