Andy Briggs, Phoenix Group Chief Executive Office & Phoenix Insights Advisory Committee comments 'Today's ONS data clearly shows that older workers have been disproportionately impacted by Covid-19, just like the younger generation.
'We must recognise the immediate and longer term impact this will have if we don't take action. The over-50s represent a third of our workforce and yet often, due to their age, they will find it much harder to re-enter the workforce.
'Job losses amongst the over-50s represents a significant loss, both to our economy and to their own later life financial security, with one-in-eight workers over 50 having changed their retirement plans as a result of the pandemic.
'We are at risk of a large group of people experiencing serious long term pension poverty when you consider that the cost to an average male earner retiring at age 55 instead of 65 could be around £280,000 in lost employment income and a reduction of private pension pot by 55 per cent.'
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