Pay cuts after redundancy

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Three out of four people aged over 50 who have been made redundant during the past three years have had to take a pay cut to get a new jobs.

For almost half, the cut was substantial, according to Key Retirement Solutions, specialists in equity release, which helps individuals capitalise on the money tied up in their homes.

Half the 21 to 30 year olds made redundant ended up taking jobs that paid less and almost two thirds of 41-50 year olds also ended up being paid less.

Older workers who found jobs did so in under five months, compared with more than six months for 41 to 50 year olds, but almost half the over 50s who lost their jobs during the last three years are still unemployed.

Key Retirement Solutions launched the research after seeing a growing trend of 50-plus customers inquiring about equity release after suffering redundancy.