Coronavirus: over-55s main victims of employment crisis, watchdog finds

Older workers are shouldering the burden of pandemic job losses and pay cuts

Coronavirus UK
Health secretary says steep hike is ‘concerning’ - but quirk in the testing system could be to blame
(Image credit: Justin Setterfield/Getty Images)

Workers over the age of 50 have suffered larger cuts to their earnings than any other age group during the economic downturn triggered by coronavirus, a new report reveals.

Britain’s oldest workers have seen their pay fall by an average of 23%, while millennials and middle-aged workers have been hit by salary cuts of 19% and 17% respectively, according to the Financial Conduct Authority (FCA).

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Joe Evans is the world news editor at TheWeek.co.uk. He joined the team in 2019 and held roles including deputy news editor and acting news editor before moving into his current position in early 2021. He is a regular panellist on The Week Unwrapped podcast, discussing politics and foreign affairs. 

Before joining The Week, he worked as a freelance journalist covering the UK and Ireland for German newspapers and magazines. A series of features on Brexit and the Irish border got him nominated for the Hostwriter Prize in 2019. Prior to settling down in London, he lived and worked in Cambodia, where he ran communications for a non-governmental organisation and worked as a journalist covering Southeast Asia. He has a master’s degree in journalism from City, University of London, and before that studied English Literature at the University of Manchester.