The share of boomers who have jobs has risen during the recession, while the share of younger Americans with jobs has plunged.
"Seniority matters," says Marcie Pitt-Catsouphes, who runs Boston College's Sloan Center on Aging & work. Figures from the Bureau of Labor Statistics tell the tale: The number of people aged 55 and up with jobs actually rose nearly 900,000 from the start of the recession, in December 2007, through last year. By comparison, people aged 25 to 54 lost nearly 2.9 million jobs.
Companies know they must tread lightly in laying off older workers to avoid age discrimination suits. Seniority rules force some businesses, especially union shops, to let younger workers go first. And many older workers may be going back to work or clinging to their jobs because their retirement savings have been wiped out.
Still, it's clear that some employers really do see value in their veterans.
Source: BUSINESSWEEK, February 9, 2009
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The share of boomers who have jobs has risen during the recession, while the share of younger Americans with jobs has plunged.
Companies know they must tread lightly in laying off older workers to avoid age discrimination suits. Seniority rules force some businesses, especially union shops, to let younger workers go first. And many older workers may be going back to work or clinging to their jobs because their retirement savings have been wiped out.
Still, it's clear that some employers really do see value in their veterans.
Source: BUSINESSWEEK, February 9, 2009