Older people who lose jobs 'less likely to find new ones'
OLDER people are far less likely to find work after losing their jobs, state research has found.
A study by the Central Bank has revealed that age has a huge effect on both men and women's ability to regain employment.
The study was based on a survey of 26,000 households taken by the CSO.
It found that the average re-employment probability of a male aged 15 to 24 years old with a third-level degree, who has been out of work for less than six months is 39pc. The probability for a similar individual in the 45 to 64 age group is 10 percentage points less.
There is one exception – young males. Young men with a low level of education, who have been out of work for more than a year, are the least likely of any group to find a job.
The study also found that a person unemployed for 25 months or more could have up to 60pc less chance of finding a job than someone who has been out of work for less than five months.
Education also has a clear effect on re-employment chances. In most cases, a person with a degree has double the chances of finding work than someone who has less than Leaving Certificate education.
Since about 30pc of all Irish people currently unemployed are only educated to Junior Certificate level or less, and two-thirds have been out of work for a year or more, the Central Bank said a significant number could find it difficult to regain jobs even when the economy recovers.
This has dangerous ramifications. If structural unemployment becomes embedded, the Central Bank said, it could reduce the economy's long-run potential growth rate.
It also endangers the resolution of the mortgages arrears crisis. Unpublished data suggests that over 20pc of mortgaged Irish households that are more than 90 days in arrears on their mortgage repayments are currently experiencing some unemployment.