The pandemic forced 3 million of America’s baby boomers into unexpected retirement – Since the beginning of the pandemic, more than 5 million people have dropped out of the US labor force. Most of them were baby boomers who took early retirement, an analysis by Miguel Faria e Castro, a senior Federal Reserve economist, suggests.
Over in Singapore, if we study the Labour market report for the 1st Quarter of 2021 published by the Ministry of Manpower, we can see a few main findings as follows:
- Sharper than expected increase in total employment
- Unemployment rates eased, but remained elevated
- Retrenchments and rate of re-entry into employment returned to pre-pandemic levels
- Number of employees placed on short work-week or temporary layoff halved
- Ratio of job vacancies to unemployed persons improved, as number of job vacancies trended up
In this environment, the Ministry of Manpower encourages jobseekers to stay resilient, keep an open mind to new opportunities and consider less familiar roles. To enable employers to access a wider pool of candidates to fill growing vacancies, the Government has put in place various schemes that support local hiring, reskilling and job redesign.
Over in America, Miguel compared projected retirement trends for baby boomers to actual retirements to get at the number of people who would likely still be working were it not for covid-19. That figure, known as “excess” retirees, was 3 million from March 2020, when the pandemic started, to August of this year.
Garia e Castro, who works out of the St. Louis Fed, said being more vulnerable to covid-19 might have pushed older Americans to leave their jobs sooner than anticipated. Rising asset prices likely played a role as well, by increasing baby boomer homeowners’ sense of financial stability.
Missed our news yesterday? Read here at https://www.nextlifebook.com/estate-planning/how-to-join-the-great-resignation-without-sabotaging-your-retirement/
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