JL boss: Over-50s quitting the workforce fuels inflation
Discussion
I couldn't see a thread on this, apologies if there is one.
https://www.bbc.co.uk/news/business-62471260
"Dame Sharon White said any government must think "really hard" about how to get more older people back into work."
What is she excepting the Government to do about it exactly? If people have decided that they can afford to retire earlier, then the main ways to tempt them back would appear to be through offering increased in-work benefits or reducing benefits for those out of work. Is that what she is really asking for?
Unfortunately, it is likely to be a problem that sorts itself out to a certain extent as some of those really retirees are forced back into work by cost of living increases.
https://www.bbc.co.uk/news/business-62471260
"Dame Sharon White said any government must think "really hard" about how to get more older people back into work."
What is she excepting the Government to do about it exactly? If people have decided that they can afford to retire earlier, then the main ways to tempt them back would appear to be through offering increased in-work benefits or reducing benefits for those out of work. Is that what she is really asking for?
Unfortunately, it is likely to be a problem that sorts itself out to a certain extent as some of those really retirees are forced back into work by cost of living increases.
Interesting as I have noticed myself a very large number of folk approaching retirement, many highly skilled and experienced (irreplacable) professionals, have left the world of work as a direct result of lockdown.
I would have liked to have done the same but sadly my pension arrangements will not allow it. What is has casued however is a surplus of work as many of my competitors have withdrawn from the marketplace. My response has been to significantly ramp up my fees but I'd rather not be working at all than working for more money
Another example, though doubtless unforseeable, of the absolute catastrophy that was lockdown policy
I would have liked to have done the same but sadly my pension arrangements will not allow it. What is has casued however is a surplus of work as many of my competitors have withdrawn from the marketplace. My response has been to significantly ramp up my fees but I'd rather not be working at all than working for more money
Another example, though doubtless unforseeable, of the absolute catastrophy that was lockdown policy
Exactly, if I was in my 50s and realised I could afford to live on what I already had then I would retire as well. What is the alternative, working for a few more years so you can buy a nicer car or go on more holidays?
If you are happy with you current level of lifestyle and no longer have to work to keep it then who would bother going to work?
Plus these companies would make you redundant as soon as look at you if it made their shareholders happy, why put yourself in a position of having to work just to own more pointless stuff?
If you are happy with you current level of lifestyle and no longer have to work to keep it then who would bother going to work?
Plus these companies would make you redundant as soon as look at you if it made their shareholders happy, why put yourself in a position of having to work just to own more pointless stuff?
kingston12 said:
I couldn't see a thread on this, apologies if there is one.
https://www.bbc.co.uk/news/business-62471260
"Dame Sharon White said any government must think "really hard" about how to get more older people back into work."
What is she excepting the Government to do about it exactly? If people have decided that they can afford to retire earlier, then the main ways to tempt them back would appear to be through offering increased in-work benefits or reducing benefits for those out of work. Is that what she is really asking for?
Unfortunately, it is likely to be a problem that sorts itself out to a certain extent as some of those really retirees are forced back into work by cost of living increases.
i suspect "think really hard about how to get older people back to work" will equal increase taxes by some means until they simply have no choice.https://www.bbc.co.uk/news/business-62471260
"Dame Sharon White said any government must think "really hard" about how to get more older people back into work."
What is she excepting the Government to do about it exactly? If people have decided that they can afford to retire earlier, then the main ways to tempt them back would appear to be through offering increased in-work benefits or reducing benefits for those out of work. Is that what she is really asking for?
Unfortunately, it is likely to be a problem that sorts itself out to a certain extent as some of those really retirees are forced back into work by cost of living increases.
Which of course the government have within their power.
Ouroboros said:
most will be rubber ducked. People obsessed with retiring younger, why not just work a bit slower and enjoy the moments as they happen?
Not really an option for most people. I tried that years ago, offered to go to a 4 day week for a 20% pay cut. Just a flat no.If your employer is not accomadating, then its not happening.
Great theory, reality rather different.
I can certainly see the attraction but I wonder how many of those that made this decision on the back of Covid are now a bit panicked by energy costs, fuel prices and inflation in general?
If you examined your finances a year or 2 back and thought you could sustain your living costs for the bridging years between early retirement and your pension kicking in, the landscape must look very different today.
One thing being mortgage free, but these massive hikes are unavoidable.
If you examined your finances a year or 2 back and thought you could sustain your living costs for the bridging years between early retirement and your pension kicking in, the landscape must look very different today.
One thing being mortgage free, but these massive hikes are unavoidable.
Lotobear said:
Interesting as I have noticed myself a very large number of folk approaching retirement, many highly skilled and experienced (irreplacable) professionals, have left the world of work as a direct result of lockdown.
I would have liked to have done the same but sadly my pension arrangements will not allow it. What is has casued however is a surplus of work as many of my competitors have withdrawn from the marketplace. My response has been to significantly ramp up my fees but I'd rather not be working at all than working for more money
Another example, though doubtless unforseeable, of the absolute catastrophy that was lockdown policy
How did lockdown make people leave the world of work forever?I would have liked to have done the same but sadly my pension arrangements will not allow it. What is has casued however is a surplus of work as many of my competitors have withdrawn from the marketplace. My response has been to significantly ramp up my fees but I'd rather not be working at all than working for more money
Another example, though doubtless unforseeable, of the absolute catastrophy that was lockdown policy
crankedup5 said:
Does working more slowly still cut the mustard for the boss?
More the type of industry, Auto is burn out central. I've did 4 years in Auto, sometimes 7 days a week for about 2 months. Money was very good, but shifts, the monotony, it is pretty soul destroying. The management are toxic as well. Me i am content in enjoying the smaller moments in life as it goes, rather than having an heart attack working 70 hours a week.oyster said:
Lotobear said:
Interesting as I have noticed myself a very large number of folk approaching retirement, many highly skilled and experienced (irreplacable) professionals, have left the world of work as a direct result of lockdown.
I would have liked to have done the same but sadly my pension arrangements will not allow it. What is has casued however is a surplus of work as many of my competitors have withdrawn from the marketplace. My response has been to significantly ramp up my fees but I'd rather not be working at all than working for more money
Another example, though doubtless unforseeable, of the absolute catastrophy that was lockdown policy
How did lockdown make people leave the world of work forever?I would have liked to have done the same but sadly my pension arrangements will not allow it. What is has casued however is a surplus of work as many of my competitors have withdrawn from the marketplace. My response has been to significantly ramp up my fees but I'd rather not be working at all than working for more money
Another example, though doubtless unforseeable, of the absolute catastrophy that was lockdown policy
...I work in a small, niche, field of professional services a long way from Londonshire where many are sole practitioners or 'micro practices'. Retirees often just close the business.
Edited by Lotobear on Tuesday 9th August 16:16
monkfish1 said:
i suspect "think really hard about how to get older people back to work" will equal increase taxes by some means until they simply have no choice.
Which of course the government have within their power.
True. It's a bit out of step with what the leadership hopefuls are currently proposing, and very out of step with what I would have expected from JL.Which of course the government have within their power.
abzmike said:
Strange comments from the boss of JL - I always had the impression they took particular pride in remunerating their staff well. Seems to imply it's ok for them to take that view, but if others do then it's inflationary.
Yep. They are happy to pay market leading wages to a certain degree, but now that "they've never seen such a combination of very difficult factors" they aren't prepared to compete any more so want the government to help them. kingston12 said:
monkfish1 said:
i suspect "think really hard about how to get older people back to work" will equal increase taxes by some means until they simply have no choice.
Which of course the government have within their power.
True. It's a bit out of step with what the leadership hopefuls are currently proposing, and very out of step with what I would have expected from JL.Which of course the government have within their power.
kingston12 said:
What is she excepting the Government to do about it exactly? If people have decided that they can afford to retire earlier, then the main ways to tempt them back would appear to be through offering increased in-work benefits or reducing benefits for those out of work. Is that what she is really asking for?
Or increasing taxation of retirement incomes, forcing some back into the labour pool or delaying their retirement.Lotobear said:
...a very large number of folk approaching retirement, many highly skilled and experienced (irreplacable) professionals, have left the world of work
Sorry, no such thing! Short term inability to replace staff is caused by long term failure to invest in younger people, train, offer apprenticeships or entry level roles at the right money.
This might not be solved by an idividual department, or team, but it is definitely solvable at a larger level, naitonally or across industries/markets.
if JL are aiming this at the government, then getting older people to stay in work longer is not the answer, and not a long term solution either.
Get younger people upskilled, educated in the right things the jobs require, and into entry level roles sooner, resolves that.
If people could have a shorter, but more productiive, higher skilled career/working life, and retire earlier, that benefits everyone - health, the economy, literally everything.
kingston12 said:
abzmike said:
Strange comments from the boss of JL - I always had the impression they took particular pride in remunerating their staff well. Seems to imply it's ok for them to take that view, but if others do then it's inflationary.
Yep. They are happy to pay market leading wages to a certain degree, but now that "they've never seen such a combination of very difficult factors" they aren't prepared to compete any more so want the government to help them. Worthwhile noting that she has no private sector or business experience to speak of. On £1m a year or so.
Talk about a communications on goal.
snotrag said:
Lotobear said:
...a very large number of folk approaching retirement, many highly skilled and experienced (irreplacable) professionals, have left the world of work
Sorry, no such thing! Short term inability to replace staff is caused by long term failure to invest in younger people, train, offer apprenticeships or entry level roles at the right money.
This might not be solved by an idividual department, or team, but it is definitely solvable at a larger level, naitonally or across industries/markets.
if JL are aiming this at the government, then getting older people to stay in work longer is not the answer, and not a long term solution either.
Get younger people upskilled, educated in the right things the jobs require, and into entry level roles sooner, resolves that.
If people could have a shorter, but more productiive, higher skilled career/working life, and retire earlier, that benefits everyone - health, the economy, literally everything.
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