LONDON – The majority of British aged 50 and over, who quit their jobs since the start of the pandemic, are considering re-entering the workforce because of concerns that their pensions will not cover rising living costs. 

A survey by independent job board, CV Library, found that 91 per cent of economically inactive respondents, aged 50 or over, plan to look for a job. 72 per cent cited the rising costs of living as the reason.

Others also said that boredom and increased workplace opportunities had prompted a change in their thinking. 

“With many vacancies still unfilled, it’s great news that a significant number of experienced workers are planning on returning to work,” said Mr Lee Biggins, founder and CEO of CV Library.

Britain is grappling with a tight labour market, with more than 600,000 people dropping out of the workforce since early 2020.

Those rates are highest among 50-68 year olds as well as 16-24 year olds, with many reporting ill-health as a reason. 

This rise in inactivity is having economic consequences too. Businesses are struggling to find staff to fill roles, which in turn feeds concerns by the Bank of England that wages will continue to rise as firms look to entice workers, pushing up inflation further. BLOOMBERG