It's time to start digging up those Squirrelled Nuts!!!!

Albermarle

Sea_Shell said:

from the BBC...

Workers over 50 encouraged to end early retirement

The government is considering plans to coax retired middle-aged workers back into jobs to boost the economy.

Older people who have given up work could be offered what is being dubbed a "midlife MoT" to entice them back into employment, the Times reports.

The paper says the MoT would assess finances and opportunities for work.

...

A public information campaign focusing on people over the age of 50 could begin as early as spring.

Good luck with that!! Do they seriously think that we (general) have not been "assessing our finances" when making a decision NOT to work in our 50s.    

I do not think they are targeting the usual denizens of this forum, who  generally have planned for early retirement, and have carefully organised their finances accordingly . Outside this bubble, there seems to be people who took a snap decision to pack in work during Covid, without necessarily having the financial resources to support a long retirement.
There is a hope that some can be encouraged back to work, maybe in a different role with some training.

NedS

Albermarle said:

Sea_Shell said:

from the BBC...

Workers over 50 encouraged to end early retirement

The government is considering plans to coax retired middle-aged workers back into jobs to boost the economy.

Older people who have given up work could be offered what is being dubbed a "midlife MoT" to entice them back into employment, the Times reports.

The paper says the MoT would assess finances and opportunities for work.

...

A public information campaign focusing on people over the age of 50 could begin as early as spring.

Good luck with that!! Do they seriously think that we (general) have not been "assessing our finances" when making a decision NOT to work in our 50s.    

I do not think they are targeting the usual denizens of this forum, who  generally have planned for early retirement, and have carefully organised their finances accordingly . Outside this bubble, there seems to be people who took a snap decision to pack in work during Covid, without necessarily having the financial resources to support a long retirement.
There is a hope that some can be encouraged back to work, maybe in a different role with some training.

I also think people's attitudes to work changed massively during Covid. People saw what work can be like - working from home, less stressful, no long commutes or late nights in the office and once employers ended working from home they decided they did not want to go back to their previous routines having seen the light. If the employer was inflexible, the employee left. Many in their 50's had the financial means to do so (maybe stuck in One More Year syndrome) and Covid was simply the catalyst.

No doubt some may have gone too early, but they may not realise they will run out of money until it is too late and they are past working age. If they haven't planned properly before taking the leap, I doubt they are going to reassess their finances properly now - and a Government MOT check up of their financial situation presumably will not constitute regulated independent financial advice.

Sea_Shell

Funny how things change.   

When I left work* I was half thinking, "let my job go to a younger person who NEEDS it"

Also Gov were all about FREEDOM and "access to your private pensions at 55"

So we made plans accordingly.   Adios work!!


Now it's backfired on "the economy"...Well that's worked out well then!!! 


Somehow, I don't think jobs actually exist with the level of freedom and flexibility that I would want to ever entice me back.    Zero hours is one thing, but its still on their terms, not mine.   

I don't think there are any jobs where you can wake up on a Tuesday morning and think, I'll pop in an do a couple of hours this morning, after I've been for a run!! 



*pre-covid, and from a part time "pocket money" job, not my main "career" which I'd already chucked in 10 years prior to that.

Albermarle

 If they haven't planned properly before taking the leap, I doubt they are going to reassess their finances properly now

Maybe inflation, energy bills etc, will make some thing twice about their finances.

Sea_Shell

Albermarle said:

 If they haven't planned properly before taking the leap, I doubt they are going to reassess their finances properly now

Maybe inflation, energy bills etc, will make some thing twice about their finances.

Well, yes, there is the possibility that the wheels may fall off spectacularly!!


Watch this space!! 😎

zagfles

Sea_Shell said:

Funny how things change.   

When I left work* I was half thinking, "let my job go to a younger person who NEEDS it"

Also Gov were all about FREEDOM and "access to your private pensions at 55"

So we made plans accordingly.   Adios work!!

But it seems younger people don't WANT it! So they're trying to guilt trip older people back into work instead. Even though most of the areas with the biggest jobs shortages are jobs traditionally done by young people.

See discussion in the other thread https://forums.moneysavingexpert.com/discussion/6413040/please-come-back#latest

Somehow, I don't think jobs actually exist with the level of freedom and flexibility that I would want to ever entice me back.    Zero hours is one thing, but its still on their terms, not mine.   

I don't think there are any jobs where you can wake up on a Tuesday morning and think, I'll pop in an do a couple of hours this morning, after I've been for a run!! 

I've negotiated almost exactly that Basically I work pretty much when I want, there's a certain amount I need to and that will vary, but I do it when I choose, and the rest of the time they can call me in an emergency but that is only likely to happen once or twice a year at most.

michaels

Working brings money to buy stuff at the expense of time and stress.  Lock down let people compare working and consuming with not working and consuming less.  Some decided that the latter was preferable.

The Govt 'score' themselves on GDP - if a lot of the population decide that happiness is not about having more stuff but having more time then the govt 'loses'.

One way to discourage this would be to remove accrued wealth from those who currently think they have enough.  My suggestion would be to apply NI to all income (including 'unearned'  - rent, pension, isa gains, interest, dividends) until the recipient is over the state pension age.

Albermarle

So no blaming brexit then and I'm sure millions would like to ?

According to the BBC article, which makes sense.

Many of the labour shortages in particular sectors have been attributed to a decline in the number of foreign workers in the UK. Because of a combination of Covid and Brexit, many EU nationals who worked in the UK have returned to their countries of origin.

Mr Wilson of the IES believes that the lack of migrant workers is responsible for about one-third of the shortfall in the labour market, while the rise in economic inactivity accounts for the other two-thirds.

barnstar2077

Sea_Shell said:

Funny how things change.   

When I left work* I was half thinking, "let my job go to a younger person who NEEDS it"

Also Gov were all about FREEDOM and "access to your private pensions at 55"

So we made plans accordingly.   Adios work!!


Now it's backfired on "the economy"...Well that's worked out well then!!! 


Somehow, I don't think jobs actually exist with the level of freedom and flexibility that I would want to ever entice me back.    Zero hours is one thing, but its still on their terms, not mine.   

I don't think there are any jobs where you can wake up on a Tuesday morning and think, I'll pop in an do a couple of hours this morning, after I've been for a run!! 



*pre-covid, and from a part time "pocket money" job, not my main "career" which I'd already chucked in 10 years prior to that.

This was my thought exactly, if people can afford to retire and are not enjoying work like they used to, then retire and give a job to someone who needs/wants one.  Plus the company get someone younger they can boss about and give worse terms and conditions to, so everyone is happy(ish.)

Also, don't people who are retired put money into the economy?  When you move from saving to spending, don't retired people buy lunches, pay to go swimming/golf etc, go on days out and generally spend their money out in the wild?  Surely that puts money back into the economy and creates employment for the people serving them lunch or running other leisure facilities etc.

Albermarle

and give a job to someone who needs/wants one.  Plus the company get someone younger 

The problem now seems to be that 'someone younger' does not apply, as they have many other opportunities/is at Uni/ has gone back to the EU/is apparently suffering from long Covid or Covid related mental health problems/ does not fancy the work etc. etc.