In every recession since the 1970s, older workers had persistently lower unemployment rates than mid-career workers - partly because of seniority benefits. But in the current recession, older workers experienced higher unemployment rates than mid-career workers in each month since the onset of the pandemic. The older workers’ unemployment rates from April through September were 1.1% higher than mid-career workers - at 9.7% versus 8.6%. It found that the pandemic has posed a unique risk for older workers, said Teresa Ghilarducci, director of the New School's Schwartz Center for Economic Policy Analysis. "The higher rate of unemployment for older workers might be because this is a once-in-a-lifetime chance for employers to shed older workers and not fear investigation by the labour department," Ghilarducci said.
Source: The Star October 21, 2020 06:56 UTC