In the second quarter, 75,000 Britons in paid work said that they had been retired the year before. This is far higher than the pre-pandemic norm—and it is a similar story in America
Save time by listening to our audio articles as you multitaskIt is quite a turnaround. When the covid-19 pandemic struck in 2020, many people already close to retirement brought the date forward. Using data from a variety of sources, we estimate that the rich world’s labour-force participation rate for people aged 65 and over crashed that spring . This represented a relatively larger decline than for people of working age. Like everybody else, some oldies were fired as demand dried up.
But a surprising number have followed the path of Mr Brady. There are probably more over-65s in the rich world’s labour force today than there were in 2019. Old-age participation is lower than it would have been without the pandemic. But we estimate that the number of pandemic-induced retirees has fallen by 20-40% from its peak. In Britain and South Korea old-age activity is higher today than it was in 2019.
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