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Retiring Older Workers Pose ‘Substantial’ Threat To UK Economy

  • IFS think tank finds over half of 50+ dropouts chose to retire
  • Ageing population will mean higher taxes, Resolution warns

Most older workers who dropped out of the UK labor force during the pandemic chose to retire in a trend that will have a “substantial” economic impact if it continues, the Institute for Fiscal Studies warned.

Analysis by the think tank found that more than 250,000 people aged 50 to 69 quit work in the last two years, of whom 53% said they had “retired.” No more than 13% did so for any other reason, including sickness or concerns about Covid when working close to other people.