Monday, September 20, 2010

Senior unemployment is leading to higher poverty rate

Mokoto Rich has a disturbing article from the New York Times, reprinted inMSNBC, “The new unemployables: workers over 50; educated, experienced, but facing record unemployment for their age group”

The article gives the story of a female auditor in Washington State let go at 57

The Census Bureau has already published interim survey figures showing that the poverty rate in the 55 to 64 age group increased to 9.4% in 2009, up from 8.6% in 2007.

One comment that older workers make is that they cannot compete with “the kids” because, staying in one industry or company too long, they did not get up to date computer programming skills. But this has already been a problem in information technology, as the mainframe job market became fragmented after 2000.

But companies have looked to seniors particularly for sales-like or mentoring jobs, such as becoming insurance agents or selling senior-related products like long term care insurance. But less extroverted seniors will indeed have difficulty with the job market if they could not keep up with the technology changes.

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