How Covid is creating an age based unemployment gap in US

23 October 2020 (Last Updated October 23rd, 2020 12:12)

23 October

Experts are of the opinion that the virus pandemic is pushing people out of the workforce, and in some cases, they may never be able to get back in.

The current recession, triggered by the pandemic, has caused older workers to experience higher unemployment rates than mid-career workers every month.

Teresa Ghilarducci, a labour economist, shared a New School university research on the growing unemployment gap between the older and mid-career workers amid the Covid-19 pandemic in the US.

The last time such an unemployment gap occurred was 50 years ago, in 1973. Today, workers above the age of 55 have lost their jobs more quickly, are being rehired slowly, and continue to lose jobs faster than workers aged between 35 to 54 years.

This gap has lasted for six months and continues to persist.

The American Association of Retired Persons (AARP), a non-profit, which focuses on the interests of American citizens over the age of 50, stated that the research has increased concerns of the economic impact of the health crisis on older workers.

It further elaborated that when people above 50 years lost their jobs, it was twice as difficult for them to find a job than compared to younger workers.

 

Read more