Young people most likely to suffer job loss as result of coronavirus lockdown

A report published by think tank the Resolution Foundation has suggested that young people are most likely to suffer job loss as a result of the coronavirus (COVID-19) lockdown.

Many 18 to 24-year-olds are earning less than they did before the lockdown, according to the Resolution Foundation. Younger workers’ pay could be affected for years and older workers could find themselves involuntarily retired, the report stated.

A quarter of young workers have been furloughed, the report found. 9% have lost their jobs – this represents the highest figure of all age groups analysed. Workers aged between 35 and 44 were least likely to have been furloughed or made redundant, the report revealed.

Figures from the government show that around eight million people have been furloughed as a result of the COVID-19 pandemic, at a cost of almost £11 billion.