Fact Service June 2011

Issue 26

High risk of pay cut for over-50s in new job

A new nationwide survey has found that more than three-quarters (77%) of people aged 50 and over who had found a new full-time job after being made redundant in the past three years, were forced to take a pay cut. Nigh on half (45%) had needed to take a “considerably lower” salary.

Worse still, nearly half (46%) of the over-50s surveyed who had been made redundant in the last three years had still not found another job.

The survey, conducted by Key Retirement Solutions, a firm specialising in equity release, also found that amongst those who had found new employment, just over half (51%) had needed to take a completely different role or work in a new sector.