Effect of the COVID-19 pandemic on the employment and income of older workers in Vietnam

Using nationally representative data from the Labor Force Survey for 2021, this study investigates the factors associated with changes in the employment and income of Vietnamese workers aged >= 50 years due to COVID-19. Employing multinomial logistic regression analysis, the first model investigates changes in employment (i.e., job loss, temporary absence, increased work hours, change in work mode, and no employment change). The second model illustrates changes in income (i.e., lower/higher income and no change). Independent variables include demographic characteristics and employment features (e.g., industry and information technology (IT) use). The findings emphasize that a stable job, such as one that contributes to social insurance or employment with state or private establishments, can reduce the risk of job loss and income reduction. Moreover, older workers with high levels of education and work skills, such as IT use, are associated with an increased probability of remote work, which reduces the risk of job loss during the pandemic. The results imply that formalizing employment and increasing the human capital of older workers are effective approaches for achieving employment and income security, especially in the case of unforeseen circumstances.