Pensions - Articles - Labour market recovering but uncertainty ahead for some

Aegon comments on the labour market figures as the market recovers but there is uncertainty ahead for some age groups

 Steven Cameron, Pensions Director at Aegon: “The labour market continues to recover alongside the re-opening of the economy and encouragingly the employment rate of younger workers, who have felt the brunt of job losses during the pandemic, continues on a positive path. However, these figures pre-date the wind up of the government’s coronavirus job retention scheme so there is still uncertainty about the full impact this will have on jobs.

 “The figures show varied experience between age groups, so it is good to see that the Government recently announced it is looking to target support based on the specific needs and challenges of the over 50s.

 “Figures show the over 65s had the highest proportion of workers on furlough at the end of August, so we particularly welcome the Government support package to help over 50s get back into employment, including providing better information and guidance on later life planning. Pre-pandemic, we saw an increasing number of older workers working till later in life, with many choosing a gradual transition to retirement, so it’s vital that those who want to continue to work into their late 50s and 60s have the opportunity to do so. Today’s figures show the employment rate for those over 65 has seen a 6% fall from pre-pandemic rates.

 “Continuing to work even part time while saving into a pension till age 66 rather than taking a pension income as early as 55 can make a huge difference to lifestyle in retirement.”

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