Losing a job is always terrible. For workers over 50, it’s worse, By Lydia DePillis, March 30, 2015, Washington Post: “At first blush, it wouldn’t appear that older workers have it all that bad in today’s economy. They got their start long before the economy’s Troubles really began seven years ago (or even 17 years ago). They had time to sock away money while times were still good. The unemployment rate among workers over 55 is 4.1 percent, compared with 5.7 percent for the population overall, and labor force participation among older workers has been rising since the early 1990s. That’s arguably a better position to be in than that of a young person whose earnings potential has been forever damaged by starting out in the Great Recession. But the headline statistics hide a harsher reality: older workers who do lose a job spend longer periods out of work, and if they do find another job, it tends to pay less than the one they left. A new survey from the AARP sheds a lot of light on how older people react to sudden unemployment, what their new work looks like, and why…”
Tag: Age
Income Gap by Age – Canada
- Income gap grows between young and old: Report, By Dana Flavelle, September 23, 2014, Toronto Star: “Canada’s income gap is growing — not just between rich and poor, but between young and old, a report by the Conference Board of Canada has found. Older Canadians now earn 64 per cent more after tax than younger workers. That’s up from a 47 per cent gap nearly three decades ago, the study released Tuesday found. The report, called The Bucks Stop Here: Trends in Income Inequality between Generations, confirms what author David Stewart-Patterson says he suspected…”
- Age, not gender, is the new income divide in Canada, study finds, By Lee-Anne Goodman, September 23, 2014, Financial Post: “Age, not gender, is increasingly at the heart of income inequality in Canada, says a new study that warns economic growth and social stability will be at risk if companies don’t start paying better wages. The Conference Board of Canada findings suggest younger workers in Canada are making less money relative to their elders regardless of whether they’re male or female, individuals or couples, and both before and after tax…”