News: 1665142325

  ARM Give a man a fire and he's warm for a day, but set fire to him and he's warm for the rest of his life (Terry Pratchett, Jingo)

People are coming out of retirement due to cost-of-living crisis

(2022/10/07)


A sustained upswing in the cost of living is forcing hundreds of thousands of retirees across Britain to reconsider a return to the workplace.

According to a poll of 2,000 people, all at least 66 years old, 6 percent are likely to seek employment in the coming month to top up their pension pot or help pay the bills, they told My Pension Expert.

There are [1]12.2 million retirees in the UK [PDF], so this could equate to roughly 730,000 people back on the jobs market in the months ahead – if the study is correct.

[2]

The mini research found 12 percent saying inflation had "upended" their retirement plans, and a little more than a third were concerned about being able to sustain the lifestyle they most wanted. Around 46 percent said they are confident in their current economic situation.

[3]

[4]

Inflation is up 9.9 percent year-on-year in Britain and is forecast to be 15 percent or higher by the beginning of 2023. The consumer price index in the US was up 8.3 percent. Rising energy and food prices, as well as an increase in interest rates, are all weighing heavy on household spending.

"As the cost-of-living crisis bites harder, we're seeing a worrying spike in 'unretirement'. It's a hugely important issue – after working and saving for decades, having to re-enter the workforce will be a bitter blow to many retirees," said Andrew Meson, exec chairman at My Pension Expert.

[5]

"The reality is that many people's pension pots are losing value in real-terms amid sky-high inflation. And as such, their hard-earned retirement funds won't stretch as far or sustain the same lifestyle."

The research didn't specify which professions would see an influx of people over 66.

[6]Soaring costs, inflation nurturing generation of 'quiet quitters' among under-30s

[7]You've heard of the cost-of-living crisis, now get ready for the cost-of-working crisis

[8]Bad news, older tech workers: Job advert language works against you

[9]IBM ends funding for employee retirement clubs

Britain's [10]Office of National Statistics says median annual pay for full-time employees was £31,285 ($34.9k) last year, but the average pay in IT is considerably higher at about £47,000 ($52.5k). According to the Bureau of Labor Statistics (BLS), the median wage for workers in the United States in the second quarter of 2022 was about $54,132 per year.

Depending on tech industry segment, financial remuneration can run into hundreds of thousands for those with highly sought skills and at the other end of the spectrum can be mid-20s or lower for junior Helldesk personnel.

There is a perennial skills shortage in the IT industry, so there are vacancies to fill, even in the current climate when vendors are being more careful in how and where they spend money. Those returning to work may need to brush up their skills but then that's a feature for many professionals aged below 66.

[11]

As someone posted on [12]Hacker News a year ago, older staffers often have a deeper understanding of the technology they are working with, the business processes, and also have the maturity to work with colleagues in a productive way.

"The only way that age becomes a detriment is if you do not grow," they said.

According to job listings website [13]Indeed , so-called "unretirements" dipped during the height of the COVID-19 outbreak, but are on the up due to high inflation, a tighter labor market, and reduced concerns about the pandemic.

In March 2022, 3.2 percent of workers who had retired a year earlier were back in work. If this latest research is correct, that'll only increase.

Let us know in the comments what you think. ®

Get our [14]Tech Resources



[1] https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/272299/6841.pdf

[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2Y0BNFnoYt28bt7OWO@ZjzgAAAEY&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0

[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Y0BNFnoYt28bt7OWO@ZjzgAAAEY&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0

[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33Y0BNFnoYt28bt7OWO@ZjzgAAAEY&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0

[5] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Y0BNFnoYt28bt7OWO@ZjzgAAAEY&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0

[6] https://www.theregister.com/2022/09/27/under_30s_quiet_quitters/

[7] https://www.theregister.com/2022/09/22/cost_of_working/

[8] https://www.theregister.com/2022/08/02/ageist_job_ads/

[9] https://www.theregister.com/2022/05/30/ibm_retirement_clubs/

[10] https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours#:~:text=Employee%20earnings%20in%20the%20UK%3A%202021&text=Median%20weekly%20pay%20for%20full,is%20the%20highest%20since%202008.

[11] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33Y0BNFnoYt28bt7OWO@ZjzgAAAEY&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0

[12] https://news.ycombinator.com/item?id=28757964

[13] https://www.hiringlab.org/2022/04/14/unretirements-rise/

[14] https://whitepapers.theregister.com/



Not great news for youngsters

Anonymous Coward

so yet again they are being shafted. I hope they remember this in 30 years time when they have to vote.

Re: Not great news for youngsters

Roger Greenwood

Maybe the oldies can teach the youngsters a thing or two about attitude, reliability & responsibility. It sometimes seems that these are no longer important if you still live with your parents. Not all, obviously, but too many.

"Why did you not do/finish $task when you said you would?"

"CBA" comes the reply.....

Re: Not great news for youngsters

Anonymous Coward

"CBA" comes the reply.....

Very true. I was staying in a no-frills hotel a month or so ago, and one morning there was no cooked breakfast available. The less-than-impressed receptionist said that the breakfast chef simply hadn't shown up and when they phoned him he just said he wasn't up to it, which she (indiscreetly) suggested meant he was hungover. Firing him wasn't an option, since there's such a shortage of available staff that they'd then have no breakfasts for weeks. No doubt he'll continue with that CBA behaviour until they do find a replacement, at which point they'll get rid of him and he'll undoubtedly find another desperate establishment to hire him, so he has no incentive to develop more professional behaviour.

Re: Not great news for youngsters

Yet Another Anonymous coward

If only there was some freedom in the system where the chef could be rewarded in some way to incentivise them to get out of bed and come to work?

Perhaps the movements of small green pieces of paper could be involved?

Re: Not great news for youngsters

Plest

Instead of moaning about it here, how about you moan at the Tories of screwing up the economy for the last 12 years? An economy so messed up that those who deserve their retirement can't actually enjoy it properly, instead of having to seek employment to make ends meet.

I'm sorry but everyone is entitled to a job, irrespective of age unless you think age descrimination is the right way?

Re: Not great news for youngsters

codejunky

@Plest

"Instead of moaning about it here, how about you moan at the Tories of screwing up the economy for the last 12 years?"

Been going longer than 12 years.

"I'm sorry but everyone is entitled to a job, irrespective of age unless you think age descrimination is the right way?"

I agree with the sentiment but I would say that people earn their job. They are not entitled to work, they earn their job to trade their ability for something of value.

Re: Not great news for youngsters

Anonymous Coward

I think you are confusing the right to a job with the ability to do said job.

Everyone has the right to employment, so they can support themselves as necessary.

The person must have the ability to perform that job function adequately.

Re: Not great news for youngsters

codejunky

@AC

"Everyone has the right to employment, so they can support themselves as necessary."

So where can you walk into and demand to be given a paid job to support yourself? Even the basic trade of going up to someone and offering to help for a price is not a given. Nobody is owed employment just because they exist. That would preclude the ability to be fired (without being hired elsewhere).

"The person must have the ability to perform that job function adequately."

Every employment is a trade. As per the trade you must offer something they want in return for what they will offer that you want. That exists at the lowest levels as well as the higher levels.

In a pretty crushing example locally- a homeless guy would walk around the local supermarket carpark offering to take a persons trolley back to the bay as long as he could keep the pound coin. A good trade people seemed happy with. It was very unfortunate he was told he was not allowed to do so any more (not sure if it was the supermarket or a busybody clipboard git).

Re: Not great news for youngsters

Anonymous Coward

moan at the Tories of screwing up the economy for the last 12 years?

They didn't release COVID or invade Ukraine.

The real problem is that the mismanagement of the Bliar years has created a generation of entitled snowflakes who expect to have everything handed to them on a plate, and that it is someone else's fault if they don't get what they want. And, of course, government must always pay for it.

Re: Not great news for youngsters

Yet Another Anonymous coward

>The real problem is that the mismanagement of the Bliar years has created a generation of entitled snowflakes

I think we have accept it's the fault of those lazy Saxons.

The new Norman regime needs to be given some time for its innovative entrepreneurial policies to work.

Re: Not great news for youngsters

Anonymous Coward

I think we have accept it's the fault of those lazy Saxons.

I hope we aren't letting the Angles totally off the hook.

Re: Not great news for youngsters

Yet Another Anonymous coward

>I hope we aren't letting the Angles totally off the hook.

Obtuse bunch

Re: Not great news for youngsters

Phil O'Sophical

I'm sorry but everyone is entitled to a job

No, they aren't. They're entitled to the opportunity to apply for any jobs going on an equal basis to anyone else, but it's up to them to earn the job through their own abilities.

Re: Not great news for youngsters

msknight

It's not great news for anyone.

I'm in the south of england and infrastructure engineers with a laundry list of skills are being offered £20k-£30k. (outside London) I don't know where they're getting those figures from, but that's even less than the NHS and local government are paying.

Something is still seriously screwed with the IT jobs market and it's going to take a while to sort itself out, I reckon.

Re: Not great news for youngsters

Yet Another Anonymous coward

>engineers with a laundry list of skills are being offered £20k-£30k

Wasn't that the point of Global Britain? To undercut China with cheaper workers?

Cost of Living?

hoola

I am sure that some of this is down to the cost of living but we have had a crisis in filling vacancies for a few years now and that will also be encouraging people/

There are some caveats though:

Employers have no concept that older people are still useful.

There is the issue that you cannot get through basic HR screening because they filtered, often before humans are even involved.

Then we have the concept that experienced people are too qualified for a job when maybe all the retired person wants is a few hours at a lower skill level. They can still add huge amounts of value to a role.

This can be a challenge even before one retires, particularly in any IT (even remotely related) role.

There are exceptions but far too many employers just perceive that the older people (and that threshold is frighteningly low) are of no use to them.

Good luck to those seeking employment but a radical change is needed on the part of the employer.

Re: Cost of Living?

Neil Barnes

Then we have the concept that experienced people are too qualified for a job when maybe all the retired person wants is a few hours at a lower skill level. They can still add huge amounts of value to a role.

I ran into this somewhat a dozen years ago, when I wanted to return to my original engineering discipline after fifteen years as a project manager - basically in search of more enjoyment, more challenge, less procedure, and (sadly but not unexpectedly) less pay. It took a lot of searching and eventually a temporary position a lot lower than my abilities before I was able to find something that I wanted to do and that someone wanted to pay me for - promoted on grounds of 'if we pay you *this* much will you stay please?'

There's a great opposition to someone in their fifties seeking an entry position in embedded engineering hardware and software and I assume it's the same anywhere.

Ten years later I retired to get out of the UK before the madness of brexit and settled in Europe; this year my old company sought me out for a couple of days a week working, which I'm happy to do (particularly given that the pound has been stupidly low against the Euro, and my pensions pay in pounds...)

Re: Cost of Living?

Azamino

I'll second this. I spent a couple of years away abroad and was lucky enough to find an IT job 'on the tools' when I came back. Straightforward hours, minimal stress and far more headspace for hobbies and private projects.

Sure it pays less and has zero prestige, but I'm on the glide path to early retirement and my long term health is taking priority over corporate headaches (tracking quarterly SLA's anyone?).

Sort-of inevitable

Anonymous Coward

During the pandemic lots of people in boring jobs were laid off or furloughed, and quite enjoyed the freedom. That was helped by the billions handed-out by government to pay their expenses. They had little interest in returning to work, so a "great resignation" was predictable, until the bills started coming in and they realized that they again needed the money they used to earn.

Not a UK-only problem, although it's easier to 'un-retire' here than it is in some other countries.

It would be interesting to know what sectors they are returning to. Hospitality and the care business are struggling to recruit staff, as industries they're competing with companies looking for drivers, which is less stressful.

Re: Sort-of inevitable

Anonymous Coward

Alternatively, they realised that being treated poorly by employers as they were older, was not acceptable any more.

So they took the decision to get away from bad employers as furlough allowed them to see just how bad it was.

It’s Being Managed

TimMaher

Has anybody told them about this?

Icon——-> because I am.

Wow, the call has come for a couple of old-timers!

Lon24

Hey it's not only Charlie who gets a new job at 73. I have been selected for a new post by 'Michael Page UK & Ireland'. It must be a pretty exciting international job 'cos the email was posted from a hotspot in Libya and all I have to do is click on this site in Chile. What could possibly go wro....

Haven't retired yet

Electronics'R'Us

Even though I am well past the state retirement age.

I walked into my current $EMPLOYER at the age of 66 and they are only too happy for a number of reasons.

1. Some of the stuff we work with is over 40 years old and designed accordingly. Discrete transistor circuits. Stripline inductors (a piece of metal on a PCB). Small scale integration logic (think quad gates in a single package) providing quite complex logic (so boolean algebra is a must).The list goes on.

2. Lots of RF and Radar, hardly mainstream subjects in colleges and university. I have been in that world, on and off, for over 50 years. Contrary to common belief, we have had functionality that is now commonly rendered using a digital setup (microcontrollers, microprocessors, DACs, ADCs and so forth) for several decades primarily designed in analogue circuits. The fact the new versions are done using newer techniques does not change the fundamentals of what those things are.

3. Designing to what you can get. Particularly true for precision circuits such as test equipment.

4. Small microcontrollers (mainly 8051 based) with the code in assembly language. Precision timed loops (so cycle counting was necessary to get the correct timing - that is how it was done).

4. I know the electronics ecosystem (be that contract PCB assemblers, vendors, reps, FAEs and so forth); if I need some assistance, parts, development kits (you name it) I know who to ask knowing I have a good chance of getting it.

That said, I stay on top of all the new stuff (which is not always easy but if you don't you lose the edge).

I am not preventing someone younger getting a job (as many seem to think is the case for us older types) simply because in the vast majority of cases they simply cannot do the job(s) I do.

YMMV.

It's all a matter of perspective...

Great Bu

....I for one am looking forward to my retirement job. I can't wait to become one of those old men that work at a big box DIY store and is the only on who knows where to find the splagefluxicator brackets or whatever.

Occasionally just for giggles when someone asks me for something I will wander up and down several aisles muttering to myself and then just stop in the middle of the store and piss my pants. Not because of dementia or incontinence but because it will be funny as hell.

It's better than sitting at home staring at daytime TV....

Re: Piss my pants

TimMaher

“Cleaner to aisle four!

Cleaner to aisle four!”

Lifestyle?

chivo243

sustain the lifestyle they most wanted... Welcome to the real world. It happens to us working stiffs too! I've always said I will work until the day I die... either because I gotta eat, or I'm bored shitless and need a reason to get out of bed.

Yes, we're all anti-american terrorists who plan to make the
US economy collapse by inventing lots of new words which will
have to be added to the dictionary, making the US economy
unable to support the ever-growing dictionaries and ensuring
the Americans will be unable to (learn to) spell, leaving them
dead in the water if there's ever a linguistic war between
them and the UK.

- Rik van Riel explaining the real reason behind spelling
mistakes in the linux kernel