For older workers, the pandemic employment plunge may be tougher to pull out of GlobeBusiness
. During the period from 2007 to 2010, the labour force participation rate of workers over the age of 55 rose every year, suggesting the economic conditions did not discourage older job seekers.The situation was different in the United States, however, where a much deeper recession caused participation to fall between 2009 and 2011, particularly among men who judged their job prospects to be weak and opted to retire early.
All of this would be fine if older workers were financially set, but sadly that is not the case. A 2019 study on Canada from the Organisation for Economic Cooperation and Development noted the increased likelihood of Canadians to stay in the labour force beyond 55, stating that “to prevent longer lives from weakening pension benefits and/or pension finances, working longer will be critical."
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