Workingwise.co.uk’s annual survey was published last week and shows that a high number...read more
The number of older workers who are economically inactive has fallen slightly in the last three months.
The number of over 50s who are not working due to early retirement or sickness has fallen on last quarter as people return to work amid the cost of living crisis, according to the latest figures from the Office for National Statistics.
The ONS says the economic inactivity rate fell by 0.1 percentage points on the quarter to 21.5% in September to November 2022. This was due to a fall in student numbers and a decrease in those off work due to long-term sickness and retirement.
The employment rate was largely unchanged on the previous quarter, however, and economic inactivity continues to be above the pre-Covid level. The number of employees and part-time self-employed workers increased over the latest three-month period, while full-time self-employed workers decreased.
Redundancies were up, however, although they remain low and the unemployment rate for September to November 2022 increased by 0.2 percentage points on the quarter to 3.7%. The number of people unemployed for up to six months increased, driven by those aged 16 to 24 years. Those unemployed for over six and up to 12 months increased, while those unemployed for over 12 months decreased.
The increase in the unemployment rate and the decrease in the economic inactivity rate in the latest three-month period were largely among men, says the ONS.
The number of vacancies continued to fall due to economic uncertainty, but remains at historically high levels. Pay grew by 6.4% – 7.2% in the private sector and 3.3% in the public sector. Adjusted for inflation, however, pay fell by 2.6%.