A recently released special report from the Bureau of Labor Statistics notes that between 1977 and 2007, the number of workers aged 65 and over in the workforce has increased by 101%. By contrast, the overall size of the workforce (all workers aged 16 and over) increased by only 59%. Additionally, BLS researchers say that this increase in "greying" of the workforce is not due to aging of the Baby Boom generation, as the first Boomers began reaching the age of 65 only in 2007. This means that the trend will continue and increase even more in the years to come.
BLS says that "the total labor force is projected to increase by 8.5 percent during the period 2006-2016, but when analyzed by age categories, very different trends emerge. The number of workers in the youngest group, age 16-24, is projected to decline during the period while the number of workers age 25-54 will rise only slightly. In sharp contrast, workers age 55-64 are expected to climb by 36.5 percent. But the most dramatic growth is projected for the two oldest groups. The number of workers between the ages of 65 and 74 and those aged 75 and up are predicted to soar by more than 80 percent."
The implications of this study are many, including that counties, regions and businesses need to get policies in place to accomodate older workers - and will need to compete hard to retain and recruit younger workers. Read more of this study here.
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