MPs have proposed that older individuals who are unemployed should receive assistance in starting their own businesses. The Work and Pensions Select Committee has released a report recommending the establishment of a self-employment support program. This program aims to reduce economic inactivity among individuals over 50 and those with disabilities.
If implemented, this initiative would replace the Enterprise Allowance scheme, which ceased in January 2022. The previous scheme facilitated the establishment of 161,000 businesses, with over 31,000 of them initiated by individuals over 50.
Stephen Timms, the chair of the Work and Pensions Committee, emphasized that supporting older individuals in starting their own businesses would be a favorable approach to helping them reenter the workforce. He highlighted the various advantages of self-employment, particularly for older individuals and those with health challenges, as it provides flexibility that can greatly benefit them.
Timms acknowledged the risks associated with starting a business but emphasized that government support is crucial. Survey evidence indicates that many individuals desire employment, and this self-employment support program would offer the ideal means of assistance. With a willingness to take on challenges, individuals are eager to try.
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