British minister asks retirees to return to the job market – 01/27/2023 – Market

British Chancellor Jeremy Hunt urged older people on Friday to get back into the workforce, saying the country needed them and he was looking for ways to make “work pay off”.

Hunt addressed labor market woes in a speech on Friday that sought to lay out his plans to address the country’s weak productivity levels and boost economic growth.

“We will never unlock our country’s full potential unless we unlock it for each and every one of our citizens. Nor will we solve our productivity puzzle unless everyone who can participate does so,” he said.

“So for those who retired soon after the pandemic or haven’t found the right job after furlough, I say the UK needs you and we’re going to look at the conditions needed to make the job worthwhile.”

Britain’s economy is set to slip into a recession this year, held back by double-digit inflation and a tight job market that has been marked by an exodus of older workers during the Covid-19 pandemic.

Hunt said it’s time for a fundamental reform program to also encourage those with long-term conditions or mental illnesses to overcome barriers and re-enter the workforce.