Older Workers Face Higher Unemployment Amid Virus Pandemic

A study from the New School found that older workers are facing higher unemployment than their midcareer counterparts for the first time in almost half a century, reports the Associated Press . In the course of the COVID-19 pandemic, workers 55 and older lost jobs sooner, were rehired at a slower rate, and continue to face higher job losses than those aged 35 to 54. This marks the first time since 1973 that such a severe unemployment gap has persisted for six months or longer. Older workers' unemployment rates from April through September were 1.1 percent higher than mid-career workers, at 9.7 percent versus 8.6 percent — and older workers who are black, female, or lack college degrees had even worse rates. AARP said these findings compounded anxiety about the virus' economic fallout on older workers. People over 50 who lose their jobs typically take twice as long to find work compared to younger peers. AARP's Susan Weinstock warned that the pandemic "may be something that is pushing people out of the workforce and they may never get back in." The study's authors recommended that the U.S. Congress boost and extend unemployment benefits for older workers, discourage withdrawals from retirement accounts, reduce Medicare eligibility to age 50, and establish a federal Older Workers Bureau to promote the welfare of older employees.