September 1, 2020

Too Early Retirement

For some, early retirement is a chance to do something else, to spend more time with family, or pursue a passion put off by work.  But for others, early retirement, also known by the euphemistic “involuntary separation,” has been an unwelcome occurrence and reminder of people’s status within the workforce, and this trend has been increasing in recent times. Now, this year, as many businesses shed jobs in a cost-saving effort related to the pandemic, employers are using the pandemic as an excuse to force early retirement on employees reports the New York Times.

According to economists the once vaunted “experience” of older employees resulted in higher salaries and greater security. But this has been eroding in the face of a changing economy and a lack of enforcement of age-related employment discrimination laws. This trend has accelerated rapidly since March when the pandemic forced many companies to cut costs, shift to remote work, or shut down completely. Indeed, since March, according to figures, almost 3 million workers between 55 and 70 have left the job market and are not seeking work, with another million projected to follow suit by the end of the year. Researchers say this is twice the rate departure from the job market that the same age cohort experienced during the 2007-2009 recession.

As we’ve noted time and again, unemployment has been particularly devastating to women and people of color and older workers in those groups are experiencing great difficulty with many raiding their savings or retirement funds just to pay rent or buy groceries. Additionally, older workers in some industries, such as hospitality, construction, and education have seen significant job loss. When you add on top of this the tremendous burden of weighing health against employment, older workers are in a uniquely fraught position.



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Can Employers Require Workers to Get Vaccines?

December 3, 2020
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Now that a vaccine, or more accurately, many vaccines, seems inevitable, an important new question has emerged: Can employers require workers to vaccinate?

Women Leaders Weigh in on the Pandemic and Beyond

November 23, 2020
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As part of the Women’s Forum for the Economy and Society, New York Times reporters and editors sought the perspectives of some of the leading executives in the business and finance world about the role women have and can continue to play in the post-pandemic work world.

As President, Joe Biden Can Protect Workers

November 19, 2020
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In a new blog post at the Institute for New Economic Thinking, professors David Michaels and Gregory Wagner lay out an 11-point overview of a longer policy paper that they believe president-elect Joe Biden can enact on day one in office to protect workers

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