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Study finds that workers over 50 are highly vulnerable to job loss

ucbalumnusucbalumnus Registered User Posts: 76,728 Senior Member
edited December 2018 in Parent Cafe
https://www.propublica.org/article/older-workers-united-states-pushed-out-of-work-forced-retirement

The study "found that 28 percent of stable, longtime employees sustain at least one damaging layoff by their employers between turning 50 and leaving work for retirement." Another 13 percent retired under conditions that suggest that they were pressured or forced to retire, and another 15 percent left after pay or treatment on the job deteriorated. (Yes, that adds up to 56 percent.)

Note that they "considered only separations that result in at least six months of unemployment or at least a 50 percent drop in earnings from pre-separation levels."
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Replies to: Study finds that workers over 50 are highly vulnerable to job loss

  • EmpireappleEmpireapple Registered User Posts: 1,449 Senior Member
    Absolutely. This was even more of a fear/issue/concern/problem/fact during the very long recession we just endured. Women are even more vulnerable at this late stage of their careers. Employees over 50 tend to be expensive and for those in the private sector, without the protection of a union or tenure, it can be a dangerous time.
  • FallGirlFallGirl Registered User Posts: 8,005 Senior Member
    I'm not surprised at all.
  • scout59scout59 Registered User Posts: 3,531 Senior Member
    Been there, lived through it, waiting for it to happen again...
  • rosered55rosered55 Registered User Posts: 4,288 Senior Member
    I think that everyone who isn't a "boss" is vulnerable to job loss these days. I'm over 50 but so are many of the supervisors, and they hold a lot more power than I do. What stands out to me is the effect of bad matches between bosses and their underlings. Regular employees with some prospects will quit to get away from a supervisor who isn't a good fit; regular employees without good and immediate prospects will get fired by the supervisor when there isn't a good fit.
  • rosered55rosered55 Registered User Posts: 4,288 Senior Member
    Good point, @momofsenior1. You are correct.
  • oldfortoldfort Registered User Posts: 23,011 Senior Member
    It is more likely bosses will be fired before workers, bosses are overhead and you need workers to get actual work done. As you move up there are just fewer jobs available, kind of like a pyramid.
  • ucbalumnusucbalumnus Registered User Posts: 76,728 Senior Member
    What it means is that people entering the workforce now in the 20s should consider making a financial plan aimed at either:

    A. Being able to retire (i.e. join the capitalist class) at age 50 or earlier.
    B. Being able to continue living after age 50 on an income half of the expected level while still making progress toward being able to retire at the intended age of retirement.
  • fendrockfendrock Registered User Posts: 3,189 Senior Member
    @VeryHappy I'd be interested to know what field you are in, if you are willing to share.
  • techmom99techmom99 Registered User Posts: 3,378 Senior Member
    I was downsized at 47 and was lucky to find a comparable job, at 30% less salary, within 2 months. I am soon to be 60 and hope to stay at my present job till retirement. I am the 3rd youngest of the 4 women in my department (including the boss). Fortunately, the company I am with values experience. A woman under 40 is the only professional hire my boss has made in my tenure of someone under 40. There are a couple of men in my department who are close to 70, if not over. This doesn't apply to support staff where younger people are hired.
  • yourmommayourmomma Registered User Posts: 1,319 Senior Member
    I would change "boss" to "owner". Even "bosses" are vulnerable. Unless you own the company outright, there is no such thing as job security anymore.

    I wish it was that simple. Owners don't have security anymore than the workers. Plus they have the "houses" on the line. They may be the last one off the sinking ship, but if the customers stop coming, the owner is sol as well.
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