Skip navigation

Gloucestershire Business News

Over-50s quitting workforce is fuelling inflation

An exodus of over-50s who quit work during the pandemic is fuelling wage inflation, says the boss of John Lewis.

The UK has seen a million people, mostly in their 50s, leave work since the start of the pandemic, as reported by the BBC.

Dame Sharon White, chair of the John Lewis partnership, said the government must think of ways to encourage older people back into work.

The number of "economically inactive" people - without a job and not seeking work - is higher than before Covid, according to the Office for National Statistics. People aged 50 to 70 cite retirement as the most popular reason for not working.

With vacancies at a record high, employers who want to attract and retain staff are under pressure to increase wages, which fuels inflation.

Dame Sharon said every business in the UK is finding it difficult to recruit at the moment because there are more jobs and far fewer people looking for work.

She said introducing flexible retirement plans and skills courses for older workers to retrain for different jobs could help encourage older people back into work.

Related Articles

Skills, Apprenticeships & Careers: The latest vacancies and opportunities across Gloucestershire Image

Skills, Apprenticeships & Careers: The latest vacancies and opportunities across Gloucestershire

Whether you are looking for a new role, an apprenticeship or a first job, Punchline is here to help.

Lecturers create Tall Ships artwork Image

Lecturers create Tall Ships artwork

Gloucestershire College lecturers have created interactive artwork to tie in with Gloucester Tall Ships Festival.

Further education commissioner tours SGS College Image

Further education commissioner tours SGS College

South Gloucestershire and Stroud College (SGS) welcomed the further education commissioner to its Stroud campus yesterday (May 1).

University kicks off new Cyber Launchpad scheme Image

University kicks off new Cyber Launchpad scheme

University of Gloucestershire has joined forces with employers from the cyber security sector for a new apprenticeship scheme.

Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.