Employer Guide to the Aging Workforce: 4 Key Compliance Considerations
Workers 55 and older now make up nearly a quarter of the US workforce and represent the labor force’s fastest growing age group. Further, while the Bureau of Labor Statistics projects that the overall labor force participation rate will slightly decline between 2020 and 2030, the rate for those in the 75-and-up age group is expected to grow by 96.5% during this same decade. What does an aging workforce mean for employers? This Insight will cover four key workplace law considerations as employees continue working later into their lives. 4 Key Compliance Considerations for Employers 1. Age Discrimination Risks An aging workforce heightens the importance of careful compliance with age discrimination laws. This is especially true in light of a recent AARP Research survey of workers age 50-plus, which showed that: 22% of respondents felt they were being pushed out of work because of their age; and 64% reported seeing or experiencing age discrimination in the workplace. The federal Age D...