The coronavirus pandemic and older workers

Crawford, Rowena; Karjalainen, Heidi

doi:10.1920/bn.ifs.2020.bn0305

Cited by 12 publications

(8 citation statements)

References 8 publications

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“…14,15 The probability of securing re-employment in similar posts for older workers is much less than for younger workers. 38 Among job insecure workers approaching retirement, the lack of security or consistency in employment impedes their ability to adequately plan for their financial future. 14,15 According to the 22nd wave of the Retirement Confidence Survey, approximately a quarter of respondents were not confident they had enough money for a comfortable retirement, and over 40% felt job insecurity was a chief financial concern, with only 28% indicating they had job security.…”

Section: Discussionmentioning

confidence: 99%

Association of perceived job security and chronic health conditions with retirement in older UK and US workers

Mutambudzi

Flowers

Demou

2021

European Journal of Public Health

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Background The relationship between job insecurity, chronic health conditions (CHCs) and retirement among older workers are likely to differ between countries that have different labor markets and health and social safety nets. To date, there are no epidemiological studies that have prospectively assessed the role of job insecurity in retirement incidence, while accounting for CHC trajectories in two countries with different welfare systems. We investigated the strength of the association between baseline job insecurity and retirement incidence over an 11-year period while accounting for CHC trajectories, among workers 50–55 years of age at baseline in the UK and USA. Methods We performed Cox proportional hazards regression analysis, using 2006–2016 data from the Health and Retirement Study (US cohort, n = 570) and English Longitudinal Study on Aging (UK cohort n = 1052). Results Job insecurity was associated with retirement after adjusting for CHC trajectories (HR = 0.69, 95% CI = 0.50–0.95) in the UK cohort only. CHC trajectories were associated with retirement in both cohorts; however, this association was attenuated in the US cohort, but remained significant for the medium-increasing trajectory in the UK cohort (HR = 1.41, 95% CI = 1.01–1.97) after adjustment for all covariates. Full adjustment for relevant covariates attenuated the association between job insecurity and retirement indicating that CHCs, social and health factors are contributing mechanistic factors underpinning retirement incidence. Conclusions The observed differences in the two cohorts may be driven by macro-level factors operating latently, which may affect the work environment, health outcomes and retirement decisions uniquely in different settings.

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Section: Discussionmentioning

confidence: 99%

Association of perceived job security and chronic health conditions with retirement in older UK and US workers

Mutambudzi

Flowers

Demou

2021

European Journal of Public Health

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“…The relationship between employment disruptions and retirement is complex (Platts et al , 2019; Crawford and Karjalainen, 2020). Inactivity after the age of 50 is often a pathway to (involuntary) retirement; the longer one is out of the labour market the less likely one will re-enter employment [Organisation for Economic Co-operation and Development (OECD), 2006].…”

Section: Retirement Transitionsmentioning

confidence: 99%

“…Involuntary retirement decisions in themselves can impact negatively on health and well-being (Hyde et al , 2015; Rhee et al , 2016), particularly when accompanied by poor health or a precarious financial position (Lain and Phillipson, 2019). Existing evidence suggest socio-economic position impacted whether people changed their retirement plans because of COVID-19 (Crawford and Karjalainen, 2020). However, emerging patterns are complex and more research is needed to better understand how work disruptions and changes in retirement planning differ by occupational social class.…”

Section: Retirement Transitionsmentioning

confidence: 99%

Occupational social class differences in the impact of COVID-19 related employment disruptions on retirement planning amongst older workers in England

Rowson

Beck²,

Evans³

2022

QAOA

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Purpose This paper aims to examine the impact of COVID-19 related employment disruption on individuals’ retirement planning and whether these experiences differ by occupational social class. Design/methodology/approach To explore these issues, this study linked data from those who were employed in wave 9 of the English Longitudinal Study of Ageing (ELSA) main study with wave 1 of the ELSA COVID-19 study (N = 1,797). Multinominal regression analyses were conducted to explore whether the interaction between employment disruption and occupational social class was associated with planning to retire earlier or later than previously planned. Findings The results show that stopping work because of COVID-19 is associated with planning to retire earlier. However, there were no statistically significant interactions between occupational social class and employment disruptions on whether respondents planned to retire earlier or later. Originality/value This paper’s original contribution is in showing that the pandemic has had an impact on retirement decisions. Given the known negative effects of both involuntary early labour market exit, the findings suggest that the COVID-19 related employment disruptions are likely to exacerbate social inequalities in health, well-being in later life and, consequently, can help anticipate where there will be need for additional support in later life.

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“…There is greater uncertainty surrounding the older group. On the one hand, work by IFS researchers suggests more now plan to retire later, with savings marginally drawn down (Crawford and Karjalainen, 2020). Among employees aged 60 and above who were made redundant, 58% were economically inactive 6 months later during the pandemic, compared with 38% before COVID-19 (see Chapter 9), suggesting that the path back into work may not be smooth.…”

Section: The Story So Farmentioning

confidence: 99%

IFS Green Budget 2021

Adam¹,

Cribb²,

Delestre³

et al. 2021

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Citi ResearchCiti Research focuses on delivering the highest quality company, sector, economic and geographic insights to our clients globally. The unit includes equity and fixed income research, economic and market analysis and product-specific analysis to help individual and institutional clients navigate a complex global marketplace. Citi Research is committed to maintaining the highest level of independence and objectivity in its proprietary products and insights. Citi BankCiti, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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The coronavirus pandemic and older workers

Cited by 12 publications

References 8 publications

Association of perceived job security and chronic health conditions with retirement in older UK and US workers

Association of perceived job security and chronic health conditions with retirement in older UK and US workers

Occupational social class differences in the impact of COVID-19 related employment disruptions on retirement planning amongst older workers in England

IFS Green Budget 2021

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