The decade-long trend for more older workers to be in employment came to an abrupt halt after the coronavirus pandemic took hold, with employees over 50 disproportionately likely to be furloughed or made redundant.
In the UK, the Institute for Fiscal Studies, a think-tank, said last year that only a third of workers over 50 who had lost jobs during the pandemic had found a new one within six months.
But generally, the workforce in major advanced economies around the world is ageing. A 2020 report by the OECD, a club of mostly rich nations, said the share of the population aged 50 and over would increase from 37 per cent in 2020 to 45 per cent by 2050, and mean greater numbers of older workers were in paid work.
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