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Employment Struggles for Older Workers

It’s happening again. One of the perverse features of the Great Recession a decade ago was the expulsion of many older workers from the labor force. A significant number of experienced employees were forced to suddenly lose their jobs or take early retirement. Many never fully recovered financially or emotionally, and their careers were left with scars and no dignified endings. The current Covid-induced recession is once again creating similar employment difficulties for mature workers. Since March, the labor market has lost many older men and women with both high and low skill levels. In other words, this dismissal of the elderly is widespread.

Unfortunately, this is not just a temporary vacation for these workers, but rather a longer-term separation marked by an acceleration of outrageous trends. Again, as in the last recession, the new trend of job shifts is weakening the employment security of older workers. Previous examples have included labor-saving technologies and increased workloads for younger and less expensive staff, which combined to reduce management’s need to restore staffing levels. Once again, tenured employees find that their bargaining power diminishes when they are fired and rehired. Weak or non-existent unions, the rise of the gig economy and continued lax enforcement of age discrimination laws, not to mention the damaging economic disruptions from Covid, are making older workers feel increasingly insecure and inadequate.

The New School’s Retirement Capital Lab examines the factors that affect the quality of retirement, which requires examining when withdrawal from work was chosen or forced. Their assessment of the plight of older workers is sobering. Even for those older workers who have not yet been laid off, there is considerable uncertainty about their future. This cohort is increasingly aware that they are less employable than younger workers. People over 55 often realize that if they quit their current job, the chances of moving on to the same or better job are dubious. For many, it becomes wise to stay in an unsatisfying job in order to risk unemployment.

A relatively high salary has traditionally been an expectation of long-term commitment to the profession and/or employer. Seems fair, right? However, these days, when an older worker is rehired after losing their job, the hourly wages are usually lower than at their previous job. Workers aged 50-61 see a 20% lower salary at their new job, while workers aged 62 and older see a 27% decrease. Also, once a worker turns fifty, periods of unemployment after being laid off are longer than for workers under 50.

The growing insecurity and low confidence faced by older workers exacerbates the weakness of their bargaining position. Employers know in most cases that they have an advantage with older workers, except in situations where the worker has a unique or hard-to-find skill. It’s a shame. Lifelong work deserves to be valued and respected. In today’s age, retirement should be a reward for decades of work, dedication and achievement, not imposed isolation or exile due to the volatility of the employment economy.

As the Retirement Equity Lab points out, policymakers may need to intervene with schemes aimed at reducing the hardships of early-redundant older workers. For example, employers can offer rainy-day or emergency savings plans through payroll deductions that become available when needed to supplement unemployment benefits, or the federal government can step in with a guaranteed savings option in a retirement account in addition to that retirees receive from Social Security. Certainly, stricter enforcement of the Age Discrimination in Employment Act of 1967 would help greatly.

A career is a calling and a calling to develop a skill and contribute to society. For others, work is simply a means of earning money. In any case, aging should not be seen as a liability or a disadvantage to be taken advantage of.

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