The coronavirus pandemic and older workers

Older workers are one group of people who are at risk of suffering serious and persistent consequences from the economic turmoil arising from the coronavirus pandemic. In this briefing note, we use data from the English Longitudinal Study of Ageing (ELSA) [Coronavirus Disease 2019] COVID-19 study to examine how the work activity of older individuals has been affected by the pandemic, how older workers' concerns about their job security vary with their individual characteristics, and how retirement plans have already been affected by the crisis. The data were collected in June-July 2020, from a sample of nearly 6,000 individuals in their 50s and older.

Key findings include: (1) many workers have seen their employment disrupted by the coronavirus pandemic, and older workers are no exception; (2) a significant minority of older people working immediately before the crisis are now retired and there is evidence that the current crisis has already caused some older workers to alter their retirement plans; (3) the protection of their own health is an important consideration for older workers; however, many people who are clinically vulnerable to coronavirus have, however, continued working outside their homes; whether this is because they enjoy their work, because they (rightly or wrongly) do not perceive themselves to be at high risk or because they cannot afford to not work is an important unknown; (4) concerns about job security are prevalent and not restricted to those who are on paid or unpaid leave; and those aged 54-59 are more worried about their job security than those at older ages, and those with a health condition or disability that limits the amount or type of work they can do are also particularly concerned; and (5) the effect of stock market falls on pension wealth is one driver of later retirement plans.

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