COVID-19: economic impact on age in the workplace
This factsheet COVID-19: Economic impact on age in the workplace seeks to promote inter-generational fairness, build consensus between generations and avoid any development of inter-generational conflict of opinion and interest.
The impact of COVID-19 on different age groups has been widely discussed in terms of the vulnerability of the older population to the virus. However, the pandemic is likely to have a far wider impact on age in our economy and society than implied by medical outcomes.
It is vital that we properly understand the demographic impact of a post COVID-19 recession, basing understanding on evidence and data as it becomes available. Critically we must seek to promote inter-generational fairness, build consensus between generations and avoid any development of inter-generational conflict of opinion and interest.
Fundamentally, it is likely that young people and older workers will face the greatest impact of the economic challenges posed by COVID-19. While young people, who have suffered severe disruption to their education, will find it difficult to enter a contracting labour market and are more likely to be working in exposed sectors, older workers will be at risk of ageism, redundancies, and will find it more difficult to re-enter the labour market.
About the factsheet
The COVID-19: Economic impact on age in the workplace factsheet includes:
- age analysis of furloughed employees
- information on the impact of COVID-19 on employment
- information on the risk of redundancy and early retirement
- the age friendly employer challenge
- actions for policy makers and employers.
About Business in the Community’s work on Age
The Business in the Community (BITC) age partnership supports employers to respond effectively to the ageing population and the needs of older workers and to leverage the benefits of effective intergenerational working.