{"id":121255,"date":"2023-12-07T01:08:59","date_gmt":"2023-12-07T01:08:59","guid":{"rendered":"https:\/\/blogcamlodipine.com\/?p=121255"},"modified":"2023-12-07T01:08:59","modified_gmt":"2023-12-07T01:08:59","slug":"over-50s-brits-considering-retiring-early-due-to-lack-of-technology-skills","status":"publish","type":"post","link":"https:\/\/blogcamlodipine.com\/politics\/over-50s-brits-considering-retiring-early-due-to-lack-of-technology-skills\/","title":{"rendered":"Over-50s Brits considering retiring early due to lack of technology skills"},"content":{"rendered":"

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More than five million over 50s in the UK could retire early unless they are trained up with new skills to stay on, according to worrying research.<\/p>\n

The rapid acceleration of technology and Artificial Intelligence is a leading factor in their decision, it found.<\/p>\n

Almost two-thirds of workers nearing retirement age (64%) have considered early retirement, while four in ten (38%) think it is likely that they will retire early.<\/p>\n

The research from tech company Multiverse estimates that around 5.3 million workers over the age of 50 are now considering retiring early, providing a large risk to an already strained workforce.<\/p>\n

Official figures show there are 83,000 more over 50s in work compared to this time last year but the report warns that more needs to be done to prevent a massive reversal of the figures.<\/p>\n

Both ministers and businesses have been urged to ramp up efforts to keep more over 50s in the workforce.<\/p>\n

Don’t miss… <\/strong> Thousands of older Britons forced to retire early as 250,000 leave employment<\/strong><\/p>\n

Earlier this year Chancellor Jeremy Hunt urged older people who dropped out of the workforce in the pandemic to go back to help ease chronic labour shortages.<\/p>\n

His \u201cBack to work Budget\u201d last spring included measures to support job seeking over 50s with Midlife MOTs, help to assess their skills and make long-term plans for their work.<\/p>\n

The report says that off those considering retiring early, 450,000 are at risk of being forced to do so primarily due to not having the modern day technological skills employers are currently looking for.<\/p>\n

Four in ten workers about to retire said they would consider staying in their job if they were given the opportunity to learn new skills.<\/p>\n

Multiverse is calling on businesses to invest more in developing the skills of their workers over 50 to prevent them from dropping out of the labour market.<\/p>\n

The study shows that almost four in ten (37%) of those who are planning to leave the workforce in the next twelve months would be willing to stay in their current job if their employer offered them the opportunity to go on training courses and develop new skills.<\/p>\n

This approach would have the greatest impact on those aged between 50-54 – half of those in this age group say they would consider remaining in their job if offered workplace training.<\/p>\n

Training and development has the potential to keep over 50s in the workplace for a significant number of years, the figures show.<\/p>\n

If employers invested in their learning, half (50%) of these workers predicted they would remain in their job for up to five years.<\/p>\n

Almost a quarter (23%) said they would stay for six to ten years and a fifth of these workers (22%) would likely remain for an additional eleven to fifteen years.<\/p>\n