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Many Older People Employed, But Those Who Aren't Face Tough Road

By    |   Friday, 06 September 2013 10:48 AM

There's good news and bad news for workers 55 or older. Plenty of them have jobs, but for those who don't, it's difficult to find employment.

The jobless rate for workers 55 or older totaled 5.1 percent in August, well below the overall rate of 7.3 percent and lower than the rate for any younger group.

But on the downside, the median unemployment period for those aged 55 to 64 totaled 26.6 weeks in August. That far exceeds the 15.2-week median for all jobless people.

Editor’s Note:
Retirees Slammed with 85% Pay Cut (New Video)

"There's a much higher prevalence of unemployment among young people, but the time that you spend in that state is much shorter," Linda Barrington, executive director of the Institute for Compensation Studies at Cornell University, told CNBC.

Plenty of people over 55 want to keep working. But some employers view them as past their prime.

"Older workers are still seen as people who are planning for retirement, who are on their way out the door, who are disengaging," Jacquelyn James, co-director of research at Boston College's Center on Aging & Work, told CNBC.

Young people don't face the same barriers. "It's easier for younger workers to bounce back," Ben Seigel, a deputy director at the Labor Department, told The New York Times.

"They don't have many financial obligations. Older workers are supporting families. They may be supporting parents. They can't afford to spend two years going back for a degree to retrain."

Editor’s Note: Retirees Slammed with 85% Pay Cut (New Video)

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There's good news and bad news for workers 55 or older. Plenty of them have jobs, but for those who don't, it's difficult to find employment.
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2013-48-06
Friday, 06 September 2013 10:48 AM
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