Unemployment Among Older Population: Challenges and Perspectives

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Unemployment
When one mentions the issue of unemployment, the primary focus is on the
unemployment issues among the youth or the younger adults. The main issue is that the topic of
unemployment among the older population often tends to get marginalized. The media and
population think in terms of the youth when it comes to employment. The masses remain divided
and tend to ignore the fact that there is a growing segment of the workforce that is aging. When
compared to the younger workers, they face more challenges and possibilities of being
unemployed for a longer period. Eventually, different perspectives develop on the issue and
have different ideas on how to deal with the problem of unemployment among the older
population. Those against carry a perspective that there is already strong competition in the job
market and the older population should retire. Strongly disagreeing audiences claim that if the
older population enters the workforce, they will take away the jobs of the younger population.
Those who support employment among the older population believe that aggregate employment
relies on, the older and more educated population. The actively supporting audience starts that as
the changing demographics in most countries will create an increasing population aged 65, it will
be essential to include the older population in the workforce. On the other hand, there are
pragmatic views on the issue that if the older population want to work, they can work but they
are not a preferred choice by the employers.
One should not ignore the changing labor market trends and changing demographics in
the next decades. There are many different factors to explain the unemployment among the older

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population such as employer strategies, societal sentiments, and public policies. Whether we like
it or not, it would be essential to keep the older population productive with training and skill
development to create equal employment opportunities for the older and unemployed workforce.
The discussion on this topic will benefit both the older and younger population as it will help
remove any biased views and help them understand the current demand for older workers who
are skilled and educated.
The changing demographics and changing labor market trends in most countries will find
an increasing population aged 65 or more in the next decades. That means a higher number of
aged population and a decreasing number of younger populations in the workforce (Billett et al.
1249). The U.S. labor force aged 55 to 64 years is expected to rise to 17% by 2024. It is
interesting to see that while the participation rates for men and women aged 55 and older have
increased in recent years, those in 45 to 54 age group have declined (Yamashita et al. 236). The
changing demographic trends will force the labor market to see how older workers can withstand
their employability so as to avert labor shortages and develop economic activities. The national
policies and practices need to be modified to encourage participation by older workers uniformly
across various sectors. One cannot ignore that fact that global population is aging rapidly and
even though the societies will rely on the older adults to create stable workforces, the older
population faces numerous challenges because of their aging, early retirement and poor health
(Schinkel-Ivy et al. 1).
According to Sahoo and Sahoo (116), unemployment is a multidimensional spectacle; as
it affects economic activity and the social structure of a country. While every policymaker thinks
of sustaining high economic growth based on monetary policies, many other factors work
behind. There is an inverse relationship between unemployment and economic growth. The labor

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force depends on adult participation, and there is a steady decline in labor force participation
during the 21st century. The economists believe that the decline is due to low-skilled workers
and loss of jobs due to automation (Sahoo and Sahoo 116). The older workers faced long
periods of unemployment following the Great Recession (Yamashita et al. 236). The
unemployment rate trends show that the decline is mainly motivated by demographic factors and
population getting older and getting more educated (Hornstein and Kudlyak 13). The labor force
participation rates are dependent on demographic aspects like age, gender, and education. The
aggregate employment trends are driven by an older and more educated population (Hornstein
and Kudlyak 15).
While some of the professions are age tolerant, the others are not. In these sectors, the
older workers are not looked as a preferred choice by the employers and are hired only
reluctantly because of the employer attitudes towards them (Billett et al. 1250). The labor force
participation trends for particular age-groups can be explained because of low educational level
and skills. The employment opportunities seek higher cognitive skills than routine manual work.
The percentage of middle-aged and older workers are increasing in the labor force segment in the
U.S (Yamashita et al. 236). Although the percentage of elderly workers has increased in recent
decades, the issue of unemployment among older workers remains a significant concern. It is not
just a challenge for the individual worker but the economy too.
Recent studies reflect that younger workers are more advantageous than older workers
because of their education and skill levels (Sahoo and Sahoo 118). After the age of 40, there is a
steady decline in returns of education. When compared to their younger counterparts, the older
workers face longer periods of unemployment after becoming unemployed. A more extended
period of unemployment is a concern in the labor market as it further depreciates the skill level