After the pandemic, record numbers retired – now that trend is reversing as people flock back to the workforce
This week, a report by the Lords economic affairs committee said earlier retirement among 50- to 64-year-olds was the biggest contributor to a rise in economic inactivity of 565,000 UK citizens since the start of the pandemic. Peers said this trend was putting the economy at risk of weaker growth and persistently higher inflation.
Initially just using the extra income as a welcome top-up, Dave realised he couldn’t cover living costs such as utilities any more without using his savings when these hours dried up. Last month, he began a part-time job in a call centre on a law firm’s patient claim line for medical negligence. “I have gone back to work predominantly because of the cost of living, it was a personal choice based on personal circumstances. I plan to work at least until I’m 66, when I’ll become eligible for my state pension. I’ll make a decision then about whether I’ll keep working or not.”Photograph: Nicky Dalglish