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‘Discarded like a used tissue’: Readers on ageism forcing over-50s out

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‘Discarded like a used tissue’: Readers on ageism forcing over-50s out


Age discrimination is rife in the workplace, Independent readers say, after new ONS figures showed unemployment rising and vacancies falling.

Readers said the lack of jobs was hitting older people hard with those in their 50s and 60s finding themselves “discarded like a used tissue” after decades of loyal service.

Some described spiralling into depression and experiencing financial strain after redundancy, while others said they had been forced to take low-paid or part-time work stacking shelves despite years of professional experience.

Several blamed cost-cutting managers who see older employees as “expensive” and “outdated,” arguing this short-sighted approach sacrifices skills, mentorship and productivity.

Others said companies’ obsession with cheap labour and short-term profits has left them struggling to rebuild teams.

A number of readers have turned to early retirement or self-employment out of necessity, only to find both solutions exhausting and precarious.

While a few spoke of eventually finding rewarding work, most painted a bleak picture of insecurity, lost confidence and wasted experience – a generation of “old horses” who feel written off before their time.

Here’s what you had to say:

Discarded after 30 years

My wife worked for the same company for 30 years. She was then discarded like a used tissue purely because she earned too much.

This led to four years of agony for us as she spiralled into depression and heavy drinking, which almost led to the break-up of our relationship. I was angry because she had given most of her life to the company. Her experience and skills were completely disregarded. After a year of job hunting, she ended up in a local supermarket, which she hated.

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Luckily, she had a private pension, which meant she could retire. I had, and still have, a relatively well-paid job which keeps us comfortable. I have every sympathy with those who are finding the adjustment difficult. Never give up, though. Something will turn up.

kingofsawbo

Belittling

At 62, I have never qualified for unemployment benefit when I was made redundant three times and always had private unemployment insurance. I was last let go three years ago. I had a stint as self-employed, where the exploitation was simply unbelievable.

I attended job interviews where I was told I was too senior/over-qualified for the roles. I had quite a few offers of paid work two days a week, but in reality had to be on-call throughout the week for no extra compensation. Could have worked for free, sorry, “volunteered,” doing exactly the same job as before, so I politely declined. Eventually, I made the decision to start drawing my very modest deferred council pension and to enjoy life with considerably fewer material things. It’s tough, but I am getting used to it.

The exploitation and belittling of my generation when applying for roles can destroy one’s self-confidence and mental health, which I experienced firsthand. I refuse to transfer my hard-earned skills to stack shelves at supermarkets.

Cecinha

Our kids will see no inheritance

I went through my first redundancy at 45 and found my next job after eight months. The second redundancy was at 55, and it took 18 months to find a job. The third redundancy was at 63, and after seven months I found a contract job that ended two months after my 65th birthday. Now unemployed, on the dole, I am waiting for November when my state pension kicks in, carefully using some of the funds in my private pension.

Our kids will likely see little to no inheritance, which is probably okay given it would have been taxed to worthlessness. When we have to move to a managed care facility and sell the house, that’ll finish off any money we have.

This country MUST pass an age discrimination law banning employers from only hiring younger workers OR face the oblivion of costs!

SpendThrifty

Older workers are more expensive

It has always been more difficult for older workers. If they aspire to stay within their field of work, an older worker is more experienced and therefore more expensive, and if they move to pastures new, they are regarded (usually wrongly) as more of a risk, less adaptable, and harder to train.

By the same token, many of the complaints from younger workers about finding it hard to get that all-important first job are horribly familiar from when I was job hunting for the first time 40 years ago. There’s a lot of panic about jobs, but despite the disruptive impact of AI, I’m not convinced there’s anything much new here.

Tanaquil2

Listen to us old horses

I’m 57 and used to work in accounting, doing audits for chartered accountants. I’ve been pushing trolleys at Tesco and filling shelves and working the tills at Co-op for six years now.

Here’s some business advice from me: Cutting costs (i.e., wages) instead of increasing turnover with increased productivity leads to a decrease in value and quality of the product/service. It is false economy. The business folds. They sucked it dry – I saw so many young hotshot CEOs do this in my 30 years. Greed has, and always will, be around.

But they don’t take advice from us old ones anymore – we’re old horses that are outdated, expensive to feed, and a couple of steps away from being glue. I could be training a whole new bunch of finance staff, which could keep businesses going for the long haul, but instead I’m packing those shelves with your bread.

JaneMM

It’s scary out there

I’m 60 now. Just before Covid, my job was relocated to someone cheaper and younger in the EU. Then Covid hit and there weren’t interviews happening anywhere. Covid ate all my savings and settlement, and I finally found a job in a new industry on half the salary, although just for two years. Luckily, it gave me the experience to bounce into a better permanent role afterwards. I do not make anything like my old salary, but I have a great job that I enjoy… for now. It is scary out there. I’ve never been out of work before and I’m not sure if I could find a new role now.

Slightly Tipsy Max

Some of the comments have been edited for this article for brevity and clarity.

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Credit Card Spends Ease In October As Point‑Of‑Sale Transactions Grow 22%

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Credit Card Spends Ease In October As Point‑Of‑Sale Transactions Grow 22%


New Delhi: Credit card spending eased by Rs 2.5 billion in October to Rs 2,142 billion, a moderation of 1.1 per cent month‑on‑month but an increase of 6.1 per cent year‑on‑year, driven by a sharp shift toward point‑of‑sale transactions, a report said on Tuesday.

“The strong POS growth can likely be attributed to festive (Diwali) spending, whereas muted online spends are due to the elevated base of the previous month,” the report from Asit C. Mehta Investment Intermediates Limited said.

Point‑of‑sale transactions grew 22 per cent month‑on‑month and 11.4 per cent year‑on‑year, while online spending declined 12.7 per cent MoM and rose 2.7 per cent YoY. The top 10 banks accounted for 94 per cent of total spending, with HDFC Bank recording the highest MoM spending market share gain in October.

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An increase of 6.7 per cent is seen in the total number of cards outstanding on a YoY basis, adding a total of 0.63 million cards, the report said. Transaction volumes saw a healthy growth of 4.6 per cent MoM and 19.2 per cent YoY. The YoY growth is lower than the historical average due to a high base last year.

Since volume growth outpaced spend growth, the average spend per transaction declined by 6 per cent MoM and 11 per cent YoY. With card issuance rising and overall spending remaining flat, the average spend per card declined 1.7 per cent MoM and 0.5 per cent YoY.

IndusInd Bank reported a steep 36 per cent MoM decline in average spend per card, due to a sharp fall of 34 per cent in its total spends. Among major banks, HDFC Bank led with 0.14 million new cards, followed by SBI (0.13mn), ICICI Bank (0.1mn), and Axis Bank (0.08mn). HDFC Bank reported the highest YoY gain of 1.12 per cent.



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Apartment rents drop further, with vacancies at record high

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Apartment rents drop further, with vacancies at record high


A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.

A slew of new supply is still making its way through the multifamily housing market. That, coupled with weakening demand, especially from the youngest workers, is pushing vacancies up and rents down. 

The national median rent for apartments fell 1% in November from October, and now stands at $1,367, according to Apartment List. It was the fourth consecutive month-over-month decline. Apartment rents are down 1.1% from November 2024 and have fallen 5.2% from their 2022 peak. 

“Earlier this year, it appeared that annual growth was on track to flip positive for the first time since mid-2023; however, that rebound stalled out and reversed course during a particularly slow summer,” according to Apartment List researchers.

After hitting a record high for this index, which dates back to 2017, in October, the national multifamily vacancy rate remained at 7.2% in November. 

The historic surge in multifamily construction over the past few years is now pulling back, but a good supply of new units is still coming online at a time of much weaker demand. 

The fall historically sees the biggest slowdown in multifamily rents, but this year it’s even more pronounced. CoStar reported the biggest monthly drops in median rent it had seen in 15 years of tracking. The primary reason is that more young people are struggling to form new households.  

“That 18- to 34-year-old group … I think it’s up to 32.5% of those now are living with family, and that’s the highest it’s been in a while,” said Grant Montgomery, CoStar’s national director of multifamily analytics. “I think it reflects high rental costs that have risen over the years, as well as the tougher job market for young folks just coming out of college.” 

“That is where a lot of demand traditionally comes from, the core renter demand is from that sort of younger base,” he said.

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The weakness is showing up in stocks of the major public apartment REITs. Names like AvalonBay, Equity Residential and Camden Property Trust are all down year to date. 

Some markets are seeing rents drop faster than others, due to local economic factors. Las Vegas, for example, is experiencing slower tourism, which in turn hits jobs there. Boston has seen a decline in federal funding for biotech as well as a drop in foreign students for its colleges and universities; both are impacting its rental sector hard. Austin, Texas, is seeing the biggest hit to rents, thanks to still more construction of multifamily units. 

While rents are softening nationally, and landlords are boosting concessions, renters are increasingly searching in more affordable markets. 

Cincinnati was the market most searched for, followed by Atlanta and Kansas City, Missouri, according to a Yardi report that looked at where apartment hunters were active last summer, the traditionally busiest time for new leasing. St. Louis saw the biggest quarterly jump in tenant interest, and Washington, D.C., dropped from the top spot to No. 4. 

“The Midwest, in particular, drew more attention than ever, signaling that many of its ‘hidden gem’ markets are no longer a secret,” according to the report, which found 11 of the top 30 cities for renter demand were in the Midwest.

Yardi also revised its expectations for 2026 supply, saying that while new supply will decline through 2027, a larger-than-expected under-construction pipeline caused it to increase its previous quarterly estimates for 2025 and 2026 by 6.8% and 2.5%, respectively.

As construction continues to slow into next year, the overall market should stabilize somewhat, according to the Apartment List report.

“That said, the supply boom still has a bit of runway remaining, and the demand outlook has begun to appear weaker amid a shaky labor market,” researchers wrote.



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India-Russia ties: Moscow signals readiness to fix trade deficit; energy, defence and new payment architecture on agenda – The Times of India

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India-Russia ties: Moscow signals readiness to fix trade deficit; energy, defence and new payment architecture on agenda – The Times of India


Russia on Tuesday said it is ready to address India’s concerns over the widening trade deficit and proposed building a framework to shield bilateral commerce from pressure by third countries. Kremlin spokesperson Dmitry Peskov, speaking ahead of President Vladimir Putin’s visit to New Delhi, said Moscow is also working to stabilise crude supplies after a brief dip linked to Western sanctions, according to PTI.Peskov told reporters during a video-streamed news conference that Friday’s summit between Putin and Prime Minister Narendra Modi will focus on strengthening trade, energy cooperation, small modular nuclear reactors and additional defence projects. Putin is scheduled to arrive on Thursday for the annual meeting.Russia signals efforts to ease trade deficitPeskov acknowledged India’s concern over the large trade gap and said Russia is keen to increase its imports from India. “There is a real imbalance in our trade. We know our Indian friends are concerned about that. We are jointly looking at the possibilities of increasing imports from India. We want to buy more from India,” he said.India’s purchases of Russian goods and services amount to around $ 65 billion, while Russia’s imports from India are around $ 5 billion.He also said Moscow is taking steps to ensure crude supplies remain stable despite the impact of Western restrictions. India’s purchase of Russian oil, he said, may dip only for a “very brief period.”Push for alternative payment systems and sanctions-proof tradePeskov urged the creation of an “architecture” to insulate India-Russia trade from geopolitical pressure. “We should create an architecture of our relationship that must be free of any influence coming from any third country,” he said. He stressed that bilateral trade must be protected from external pressure and that Russia rejects the use of the dollar-denominated global payment system as a “political tool.”He indicated that settlement through national currencies may feature in the Modi-Putin talks. “We understand the pressure on India,” he said, referring to the US.The visit comes at a tense moment in India-US ties, with Washington imposing a 50% tariff on Indian goods and an additional 25% levy linked to New Delhi’s procurement of Russian crude.Defence, nuclear cooperation and technology sharingPeskov highlighted joint production of the BrahMos missile system as a model for high-technology collaboration and said discussions may cover potential supplies of Su-57 fighter jets and additional S-400 air defence systems. He also said cooperation in small and medium nuclear reactors is expected to be part of the talks. Russia has experience producing these systems and is prepared to share the technology with India.On China, Peskov said Russia’s “limitless” partnership with Beijing does not diminish its willingness to deepen ties with India. “We are ready to go as far as India is ready,” he said, adding that Moscow respects India-China relations and hopes both sides resolve their issues to preserve global stability.Ukraine conflict, counter-terrorism and Afghanistan tiesPeskov welcomed recent US mediation efforts in the Ukraine conflict, calling them “very effective” and expressing hope for progress. He said the Russia-Ukraine war will be an important part of the Modi-Putin agenda. “Russia is open for peaceful negotiation; we have to reach our goals. We appreciate the position of India,” he said.He added that Russia is ready to work with India “to combat terrorism,” and said Moscow is strengthening its engagement with Afghanistan. “We’ll continue to develop our relationship with Afghanistan,” he noted.On overall ties, Peskov said Russia is proud to stand “shoulder-to-shoulder” with India during its period of historic growth.





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