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Older Workers

All articles tagged with #older workers

policy3 months ago

Debate Intensifies Over Potential Social Security Benefit Cuts for Older Americans

The Trump administration proposes changes to Social Security disability rules that could make it harder for older Americans, especially those in their 50s and 60s, to qualify for benefits by removing age as a factor, sparking concerns about increased hardship for vulnerable workers. Critics argue this could disproportionately impact those with legitimate claims, while supporters say it aligns with longer lifespans and workforce changes. The proposal is part of ongoing political debates over Social Security's future.

via Salon.com|
#disability-benefits#older-workers#policy
businesstechnology1 year ago

"Embracing AI: The Essential Role of Skills and Experience in the Modern Workplace"

Older workers are crucial for AI adoption in the workplace due to their deep institutional knowledge and ability to apply AI insights effectively. Despite fears of job displacement, senior employees can leverage AI to enhance productivity and should engage in reverse mentoring with younger, tech-savvy colleagues. Companies must focus on upskilling and retaining experienced staff to avoid losing valuable expertise as AI continues to transform job roles.

via CNBC|
#ai-adoption#businesstechnology#institutional-knowledge
businesseconomy1 year ago

"The Rise of the Older Workforce: Working Past Retirement Age"

More Americans, especially those over 75, are working well past retirement age due to financial struggles, longer life expectancy, and changes in the nature of work. Many older workers face challenges in finding suitable employment, with some experiencing age discrimination. The shift away from traditional pensions and the potential depletion of the Social Security trust fund further exacerbate the situation. As the workforce ages, there is a growing need for workplaces to adapt to the needs of older workers and for investment in retraining and hybrid work models to support the transition to retirement.

via CNN|
#age-discrimination#businesseconomy#financial-struggles
employment1 year ago

"The Benefits of Hiring Older Workers: Why Employers Have to Consider It"

Many employers have set arbitrary age cutoffs for hiring and working, but the reality is that older workers are a valuable and growing part of the workforce. With a significant number of older Americans remaining in or reentering the workforce, it's crucial for employers to recognize the value of age diversity and provide opportunities for older workers to continue working and advancing in their careers. While some progress has been made in considering older job applicants, there is still a need for more age-friendly workplace policies and programs to support older workers in staying employed and adapting to changing work environments.

via Yahoo Finance|
#ageism#employment#hiring-practices
businessemployment1 year ago

"Flextirement: Combating Brain Drain in the Aging Workforce"

As the retirement landscape shifts, the concept of "flextirement" is gaining attention as a potential solution to the looming brain drain of retiring boomers and Gen X-ers. This flexible employment status allows older workers to continue working part-time, retaining benefits and knowledge while providing employers with experienced talent. While some experts are optimistic about its potential, others are skeptical about widespread adoption by employers. However, certain industries and smaller employers may be more inclined to offer flextirement options, and there is growing advocacy for businesses to adapt to the aging workforce and value the contributions of older employees.

via MarketWatch|
#businessemployment#employment#flextirement
labor-and-employment2 years ago

The Rise of Older Workers: A Shift in the Workforce

The share of older Americans in the labor force has doubled in the past 35 years, with 19% of Americans aged 65 and over currently employed. This shift reflects an aging society, improved health among older adults, changes in work nature, and policy changes such as delayed access to full Social Security benefits. Older workers are also earning higher wages, narrowing the pay gap with younger workers. Many older adults are choosing to work longer for financial stability, purpose, and gradual retirement. However, the growing presence of older workers in well-paying positions may make it harder for younger workers to enter the job market.

via Yahoo Finance|
#labor-and-employment#labor-market#older-workers
labor-market2 years ago

The Rise of Older Workers: Working Longer, Earning More, and Happier Than Ever

The number of older workers in the U.S. has nearly doubled in the past 35 years, with 19% of Americans aged 65 and older now employed. These older workers are earning higher wages, with the typical worker aged 65 or older earning $22 per hour in 2022, compared to $13 in 1987. They are also working more hours, more likely to have a college degree, and have increased access to employer-provided benefits. Older workers now account for 7% of all wages and salaries paid by U.S. employers, triple the share in 1987. They are also more satisfied with their jobs compared to younger workers. The demographic makeup of the workforce has also changed, with more women and increased racial and ethnic diversity among both older and younger workers.

via Pew Research Center|
#earnings#employment-trends#labor-market
society2 years ago

The Rise of Older Workers: Thriving in the Workforce and Boosting the Economy

The older workforce in the US has quadrupled in size since the mid-1980s, with roughly 1 in 5 Americans aged 65 and older now employed, nearly double the share from 35 years ago. Older workers are working more hours, with 6 in 10 holding full-time jobs. Women make up a larger share of the older workforce, and the majority of older workers are white, although their share has fallen. Factors driving this trend include higher levels of education, self-employment, income from pension plans, and employer-sponsored health insurance. Older workers are healthier, gravitate towards age-friendly positions, and are more likely to enjoy their jobs. They accounted for 7% of all wages and salaries paid by employers in 2023, with their earning power increasing significantly.

via USA TODAY|
#demographic-shift#employment#older-workers
senior-citizens2 years ago

The Surprising Joy of Working Past 75: More Americans Find Fulfillment in Late-Career Opportunities

More Americans over the age of 75 are choosing to continue working, driven by factors such as a love for their work, better health, and financial necessity. While the majority of people over 65 are retired, the number of Americans pursuing careers past the typical retirement age is increasing. This trend is expected to continue as the oldest baby boomers reach their late 70s and as advancements in healthcare allow for longer working lives. However, it's important to note that those who work into their 80s are still the exception rather than the norm.

via CBS News|
#aging#career#older-workers
workforce-and-employment2 years ago

The Rise of Older Workers: A Shift in the Workforce Landscape

A global study by Bain & Company predicts that by 2031, older workers will make up more than a quarter of the workforce in the Group of Seven countries, with a total of 150 million jobs shifting to workers over the age of 55 by 2030. This trend is not limited to developed markets, as China's elderly population is also expected to double by 2050. The study highlights the need for companies to invest in recruiting, retaining, and reskilling older workers, as their motivations and priorities differ from younger workers. To tap into the motivations of older workers, companies should design workplace experiences that offer interesting work, autonomy, flexibility, and opportunities for skill development.

via CNBC|
#aging-workforce#global-study#older-workers
economy2 years ago

Baby-Boomers Retire Early Thanks to Soaring Housing Prices

New research suggests that the "Great Resignation" phenomenon, where workers quit their jobs in large numbers, can be attributed to the pandemic housing boom. The study found that older homeowners, who experienced a 10 percent increase in home prices in 2021, were less likely to work compared to those in cities with stable prices. This trend was not observed among renters or middle-aged homeowners. The researchers argue that the surge in housing prices allowed older workers to retire early by selling their homes at high prices, while younger generations face challenges in homeownership and higher rents.

via Curbed|
#economy#great-resignation#housing-boom
business2 years ago

The Changing Landscape of Hiring: Older Workers vs. Prime-Age Workers.

A new Transamerica Institute workplace survey found that over three in five employers gave a “great deal” or “quite a bit of consideration” to job applicants age 50 and older when recruiting in 2022. More than half of employers (53%) agree with the statement, “Many employees at my company expect to work past age 65 or do not plan to retire.” The results offer hope that workplace ageism may be waning as demographic changes force employers to consider older workers, who often prove to be the most satisfied employees.

via Yahoo Finance|
#ageism#business#demographics
labor-market2 years ago

Uneven job growth in NYC could deepen inequality.

The US labor market is robust, with the overall labor force participation rate at its highest since March 2020. However, the labor force participation rate for older workers (ages 55 and up) has decreased since January 2020, possibly due to residual fear of COVID-19 on the job. Meanwhile, prime-age workers (ages 25-54) are flooding back into the workforce. Other factors affecting the labor market include inflation, Long COVID, stimulus checks, prioritizing work-life balance, the opioid crisis, and slower immigration in recent years.

via Yahoo Finance|
#covid-19#inflation#labor-force-participation