Phoenix Group have commented on the latest Government announcement to support over 25,000 long term ill and disabled people into work.
Patrick Thomson, Head of Research Analysis and Policy for Phoenix Insights, said: “We welcome the Government’s announcement to support people with health conditions and disabilities into sustainable work. The number of people out of work due to long-term illness is at record levels, and this is concerning given the significant mental and financial benefits they may be missing out on by not being able to remain in work.
“The issue is particularly acute among over 50s, where the average wealth of 50-64 year olds who are economically inactive due to ill health or disability is just 5% of those who have retired early by choice**. More needs to be done to help this group to remain in or return to employment, or they risk falling short of money in retirement.
“Our research** found huge regional variations behind economic inactivity – 50-64 year olds in Yorkshire and the Humber are twice as likely to have left the workforce early due to sickness or disability compared to those in London and the South East (24% vs 12%). Expanding this employment programme to more areas will enable local authorities to support those most in need .”
