'Unretirements' Continue to Rise as More Workers Return to Work
The tight labor market, in combination with waning COVID-19 concerns and high inflation, are leading more people to leave retirement and reenter the workforce.
- After dipping during the pandemic, ‘unretirements’ are on the rise, due to a tight labor market, lessened pandemic concerns, and high inflation.
- As of March 2022, 3.2% of workers who were retired a year earlier are now employed.
Amid a hot labor market and high inflation, retired workers are returning to work at a rising rate. ‘Unretirements’ are on the rise as workers who previously said they were retired are now taking jobs again. As of March 2022, 3.2% of workers who were retired a year earlier are now employed.
It may sound strange that retired workers are taking jobs, but these moves are more common than you may expect. Before the pandemic, from 2017 to 2019 roughly 3% of retired workers on average ended up having a job a year later. The initial shock of the pandemic caused these moves back into work to drop, as the unretirement rate fell from 3.2% in February 2020 to 2.1% by June 2020.
Read the full article here: https://www.hiringlab.org/2022/04/14/unretirements-rise/