Older workers might want to delay their retirement if they are given the option of continuing to work from home after the coronavirus pandemic, new research suggests.
The Office for National Statistics (ONS) found that people in their 50s and 60s who were working from home during the pandemic said they were planning to retire later than those who were still travelling to their workplace.
It could have a positive knock-on effect for those who can work remotely and boost the economy.
The age at which a person retires has implications for their financial security, the ONS said.
Our new article looks at the impact working from home has on older workers.
— Office for National Statistics (ONS) (@ONS) August 25, 2021
In June and July 2020, older workers working entirely from home were more likely to say they planned to retire later than workers who didn’t work from home https://t.co/WegafHQNIs pic.twitter.com/UxwKXPmYJ0
It also said that more than 5% could be added to UK gross domestic product (GDP) if those aged 50 to 64 were employed at the same level as 35 to 49-year-olds.
However, because working remotely isn’t possible for everyone, and the circumstances of those who are not able to do their jobs from home during the pandemic make them more likely to stop working early.
They are more likely to come under certain criteria, for example, live in deprived areas, be in poor health, have lower or no qualifications, and experience lower wellbeing.
Working from home has not been possible for everybody.
— Office for National Statistics (ONS) (@ONS) August 25, 2021
While it may help some older workers stay in the labour market for longer it may also highlight existing inequalities https://t.co/BvcEq0cRvR pic.twitter.com/hOdJ95aFB4
If home-workers can stay in the labour market longer, it could entrench these inequalities, the ONS said.
Despite this, remote working does offer huge benefits for the people who have jobs that allow it.
In a 2018 poll commissioned by the Government, 78% of over-50s said employers should introduce flexible working.
The ONS said workers aged 50 to 69 reported that it improved their work/life balance and wellbeing when they were asked in May and April this year.
Millions of employees switched from the workplace to the comfort of their own homes during the coronavirus crisis to help slow the spread of Covid-19 across the world.
Employees unable to work from home and who worked for an organisation which had to close during the pandemic, were involved in the furlough scheme which saw the Government pay up to 80% of their salaries.
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