Under 25’s hit hardest during Covid-19 pandemic

Under 25’s have been hit hardest with redundancies and unemployment during Covid-19 pandemic

According to the office of national statistics workers aged 16-24 made up 60% of employees removed from payroll over the past year. Furthermore, workers aged 25 – 34 made up a further 25%.

In addition, long term structural changes to the job market are likely to reduce future employment opportunities for young people.

The effects of this are set to last over 7 years costing around £14bn in earnings and £13bn in lost national output over 2 years and a fiscal loss of £5.5bn.

The report also warned that some groups within the under 25’s age bracket will be hit harder than others. For example people without qualifications have seen a significant decline in working hours compared to those educated to degree level.

It has been an undoubtedly difficult time for many businesses worldwide, however, it is important that we invest in emerging talent and future generations of the workforce. Development of talent is crucial to market recovery and business development.

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