Real Talk: Why the Over-50s Are the "New Unemployables"
3 months ago
Elders are worse off than those half their age
Workers in their 50s are being named the "new unemployables" as they are now 20 percent less likely to get re-hired after being laid off than those aged 25 - 34. They also go longer without employment: the average duration of unemployment for workers ages 55 to 64 was 11 months (about three months longer than their younger counterparts). Nearly two-thirds of unemployed workers age 55 and older say they have been actively searching for a job for more than one year, compared to just one-third of younger workers. But very few ever hear back from employers -- and when they do, they're often told they're "overqualified." Sara Rix, senior strategic policy advisor for AARP's Public Policy Institute, said, "When there's a large supply of unemployed workers, employers can afford to be choosier, and they're opting for workers they think are less expensive or more recently trained." (CNN)