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Jeremy Hunt planning back to work Budget to stop over-50s retiring | Politics | News

Jeremy Hunt is planning a “back-to-work Budget” amid fears of a pensions crisis caused by the number of over-50s retiring early.

Nearly 400,000 people aged 50 to 64 have quit the workforce since the start of the pandemic.

But Ministers fear many have failed to save enough in their pension pots to avoid poverty later in life.

A Treasury source said: “Getting people back into work is a key theme for the Budget.”

“Economic inactivity is the main domestic driver of inflation and the quickest way to boost growth.”

Another government source said: “There’s a tendency for people to under-estimate how long they are going to live. If they are in their 50s, they often don’t take into account the fact they may have 30 or 40 years left.”

“Finding ways they can get back to work, maybe part-time, will help them and help employers too.”

Ministers hope to encourage employers to offer more flexible working, so older staff can take time off if they suffer health problems.

They are looking at ways people with caring responsibilities, such as those looking after elderly parents, could work one day a week at a care home to relieve staff shortages.

Dr Charlotte Gascoigne, of Cranfield University’s School of Management, said: “Many organisations are missing out on the huge benefits that part-time working can bring.”

*This story has not been edited by The Infallible staff and is auto-generated from a syndicated feed.