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Home  »News  »Finance News

Unemployment increases among over 50s

22/01/2010

The rate of unemployment in people over the age of 50 has increased, despite an overall fall in the number of individuals out of work, new figures show. According to the Office for National Statistics, unemployment increased by 4.2 per cent among those in the 50-plus age group over the last quarter from 370‚000 to 385‚000. Andrew Harrop, head of public policy for Age Concern and Help the Aged, said that once out of work, people over the age of 50 find it much harder to get a job again. "Long periods of unemployment for older workers now will deny them the opportunity to build up a decent pension‚ making them more dependent on state benefits in retirement," he noted. He added: "The Government cannot afford to let people in their 50s be left behind in the economic recovery." Earlier this week, Age Concern revealed that the amount of money spent annually by people over the age of 65 in the UK is set to hit the £100 billion mark this year. Get a free equity release guide and see how you can get some additional income. Posted by Carla Spuri

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