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Rise in 16-24-year-olds finding jobs due to cost-of-living crisis

Households are struggling with the cost-of-living crisis, causing more 16-24-year-olds to enter or return to work.

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Rise in 16-24-year-olds finding jobs due to cost-of-living crisis

Households are struggling with the cost-of-living crisis, causing more 16-24-year-olds to enter or return to work.

It has been reported by the Office for National Statistics (ONS) that between July and December, a record number of people moved out of economic inactivity. This means fewer people were looking for jobs due to being hired.

The rise was mostly seen in the 16-24 age group, with some 50-64 year olds adding to this increase.

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    Economic inactivity rate

    During the Covid-19 pandemic, economic inactivity increased in those aged between 16 and 64. This was somewhat because of 50-64 year olds taking early retirement and students not working.

    This inactivity in employment has now begun to change. The ONS said that the latest report for the last three months of 2022 decreased economic inactivity.

    This is due to 16 to 24-year-olds either looking for or being hired for work. Less people stayed outside the labour market during this 3-month period.

    While some moved straight into jobs and others began looking for work again. The trend is believed to be somewhat because of the rising cost of living.

    a 16-24 year old starts a new job in a coffee shop

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    What has caused the increase in the UK’s workforce?

    The last two months of 2022 saw some people come out of retirement. This was due to them realising their pensions would not be enough to support them.

    However, more young people have entered the UK’s workforce for the first time from education. This was a major contributor to the increase.

    Many industries have struggled to hire workers, although currently, job vacancies are falling.

    UK economic growth has been stagnant recently and the Bank of England expects the UK to enter a recession this year.

    Middle-aged retired workers could be offered a “midlife MoT,” where their finances would be assessed and opportunities for work found. This is one plan the government is considering to boost the economy.

    The Spring Budget could also see the government offer more support to get more people back to work. One suggestion mentioned is to improve childcare. This would result in more parents being able to work and grandparents being able to stay at work.

    two 16-24 year olds start a new job and are on a computer

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    Employer advice on the cost-of-living crisis

    The cost-of-living crisis is greatly affecting both employees and employers. We can support you if you’re worried about the current crisis and need help figuring out legislation for HR and Employment Law.

    If you are an employer and need more information and advice we’re here to help.

    Speak to one of our HR and Employment Law advisors free at 0800 144 4050.

    The Employer’s Direct helpline is available 24/7. Fill in the form here to request a callback.

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    FAQs

    We’re here to answer any questions you might have with expert ease.

    Economic inactivity refers to people who do not currently work and have not been looking or available for work.

    The unemployment rate in the UK in a recent report for October – December 2022 was 3.7%.

    London and the North East have the highest employment rate at 4.75% from the report taken from October – December 2022.

     

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