The coronavirus has not only caused health damage. As the Idea Foundation noted in a September publication, "the current crisis could have lasting and severe effects" on the employment prospects of workers over 55 years of age. A problem that seemingly has its origins among young people.
In response to the crisis, Europe has decided to keep a close eye on the level of youth unemployment. In Luxembourg, it rose from 18% to 26% between February and June. This is doubly problematic - young people are struggling to enter the job market... And, unwillingly, they are pushing older people into the background.
Despite the creation of thousands of jobs each year in the Grand Duchy, less than half of residents aged 55 to 64 are in employment, according to Eurostat.
This is confirmed by Idea, whose publication states that the Grand Duchy is confronted with the significant repercussions of long-term unemployment among older workers. Nearly 70% of unemployed people over the age of 55 have been out of work for at least a year, compared with "only" 40% of those under 55.
In order to stop this trend, the Idea Foundation recommends reviving the economy by supporting companies facing the risk of bankruptcy. The aim is to "bring the economy back to full employment", which would benefit young and old alike.
Targeted (socio-fiscal) measures, in particular in favour of workers most at risk of being unemployed for a long period of time, should also be considered in order to encourage the recruitment and retention of older workers in the context of the pandemic.
In addition to these short-term measures, Idea argues that "in-depth reflection" on the work of senior citizens is needed, bringing up the idea of a "guarantee for senior citizens". This measure would combat the low activity rate of the over-55s, long-term unemployment and the "depreciation" of their skills, while guaranteeing training and reintegration into quality jobs.
The ultimate goal would then be to change the culture of the professional world by remembering that senior citizens are a strength for the company and are able to work until the legal retirement age.
