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The 'Great Unretirement': Older people return to work

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As fears of Covid-19 subside and worries around the rising cost-of-living take over, many older people are returning to the workforce, a movement known as the 'Great Unretirement'.

During the pandemic, many over 50s left their jobs due to health concerns, but research shows that trend is now reversing. Employers who are struggling to recruit due to record high employment here, will be hoping this wave of returning workers will help to address their staff shortages. "Older workers are certainly an untapped talent pool for many employers," said Kieran McKeown, Managing Director of Matrix Recruitment. "With talent markets growing more and more competitive, those over 50 can provide companies with a competitive advantage." Reasons behind the 'Great Unretirement' Rising inflation has taken its toll on people's pensions and savings.

Age Action expressed concern last year about this and predicted that older people could lose 15-20% of their spending power by the end of 2023, putting some at risk of poverty. "This financial stress is absolutely one of the reasons older people are returning to the workforce," said Mr McKeown of Matrix Recruitment. "Employers must do all they can to support them and offer them the flexibility they need," he added.

He said others are returning as Coronavirus fears fade, while some are simply craving the mental and social stimulation that a work environment brings. Addressing talent shortages BDO is a professional services firm based in Dublin.

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