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How has COVID-19 affected the labor force participation of older workers?
How has COVID-19 affected the labor force participation of older workers?
- Collection:
- Health Policy and Services Research
- Series Title(s):
- Center for Retirement Research working paper
- Author(s):
- Quinby, Laura D., author
Rutledge, Matthew S., author
Wettstein, Gal, author - Contributor(s):
- Boston College. Center for Retirement Research, issuing body.
- Publication:
- Chestnut Hill, MA : Center for Retirement Research at Boston College, October 2021
- Language(s):
- English
- Format:
- Text
- Subject(s):
- Aged
COVID-19 -- economics
Employment -- statistics & numerical data
Retirement -- statistics & numerical data
Workforce -- statistics & numerical data
Social Security -- statistics & numerical data
United States - Genre(s):
- Technical Report
- Abstract:
- This paper uses the monthly Current Population Survey to study older workers' transitions out of employment and into retirement before and during the pandemic. It examines whether the effect of the pandemic was particularly acute for workers with certain demographic characteristics and working conditions, and for those who faced different local public health and economic conditions. The paper found that: (1) Among workers ages 55 and older, the likelihood of leaving work over the course of a year rose by 7.6 percentage points, a 50-percent increase over the pre-pandemic rate. (2) Women, those without a college degree, Asian-Americans, and those in occupations less amenable to remote work saw disproportionate impacts. (3) In contrast, the likelihood of retiring increased by only 1 percentage point, with retirements concentrated among those over age 70. (4) Accordingly, workers were not more likely to claim Old-Age and Survivors Insurance benefits. The policy implications depend on whether those who left jobs during the pandemic return to work: (1) If older workers are not able to find new jobs, policymakers could consider options to boost retirement resources, such as updating Social Security's actuarial penalty for early claiming. (2) If they are able to re-enter the workforce, future research could explore whether the new jobs offer wages and benefits that are comparable to workers' pre-pandemic employment.
- Copyright:
- Reproduced with permission of the copyright holder. Further use of the material is subject to CC BY license. (More information)
- Extent:
- 1 online resource (1 PDF file (28 pages))
- Illustrations:
- Illustrations
- NLM Unique ID:
- 9918334487906676 (See catalog record)
- Permanent Link:
- http://resource.nlm.nih.gov/9918334487906676