older workers around retirement age are finding it difficult to be re-absorbed into labor market

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by Ifi Reporter Category:Government Oct 3, 2021

The Bank of Israel has published a new study: Employment around retirement age during the Corona crisis until the end of the second quarter of 2021. The study shows that while an increase in return to work was recorded from the beginning of the vaccination campaign (December 2020) until the end of the second quarter of 2021 (June 30, 2021). Around retirement age, especially those with low education.

The issue of harm to employment, as a side effect of corona restrictions, is making quite a few headlines. But while among most age groups there has been a return to work at a satisfactory rate, along with the progress of the vaccination campaign and the removal of restrictions, older workers are finding it difficult to be re-absorbed into the labor market.

• Employment in the economy recovered rapidly after the Corona vaccination campaign, which took place in the first quarter of 2021. Among the non-Haredi Jewish population over the age of 35, the employment rate returned almost to its pre-crisis level, including in most age groups (55+), despite fears of long-term crisis. The corona on adult employment. This may also reflect the contribution of the Knesset arrangements, which have maintained the link between employees and employers.
• Among job seekers around retirement age, the employment rate has not yet fully recovered by the end of the second quarter of 2021, and this was particularly pronounced among those with low education. During the corona crisis, there was even a sharper decline in the employment rates (in percentages) of these groups compared to the younger ones, especially those with low education and workers in the "proximity industries".
Despite the data that emerged in the study, the Bank of Israel refuses to determine that this is a supportive problem, since previous economic crises were also characterized by a delay in returning to work among the elderly population, according to the report:
• Since in previous crises the return of adults to employment has been slower than that of young people, and adults also tend to retire early, uncertainty surrounds the continued recovery of employment rates in older age groups, which have not yet returned to pre-crisis levels. This is especially in light of the re-spread of the disease in Corona after the period under review.

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