For most older workers, age is an advantage in the job market, concluded a report released Wednesday by the National Commission for Employment Policy.
Their pay is higher, their rates of unemployment are lower, and they are less likely to lose their jobs than younger workers, according to the report by the commission, which advises the President on U.S. employment. The report was issued during a seminar the commission held at the Radisson Mart Plaza Hotel in Miami.
Even though senior workers, those 45 and up, are relatively well-off compared with younger workers, the commission recommends spending more money on job training for seniors, in an era when federal spending in areas other than defense is constantly dwindling.
The extra funding would address the needs of the bottom 10 percent of older workers, or 5 million people, said Carol Romero, acting executive director of the commission. Older blacks, Hispanics, and women are much more likely to have problems in the labor market than white men.
"They are in as much need of assistance as younger persons," Fromero said. In addition, the report said older workers who lose their jobs are more likely to be unemployed longerthan younger people, and are more likely to earn less money when they do find another job.
The commission also found that complaints of age discrimination to the Equal Employment Opportunity Commission are increasing, Romero said. Men complained most often that there was a refusal to hire older workers, or that they did not get the same benefits. Women complained that they were missing out on promotions, salary increases and job training, she said.
Promoting effective employment among older workers is vital because the population is getting older as people live longer and as the "Baby Boom" generation ages, the commission said.
The commission also recommended:
Abolishing mandatory retirement ages. Currently companies are allowed to set mandatory retirement at age 70.
Revising Social Security regulations that discourage working past 65, because benefits are lost by working.