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:
The federal Age Discrimination in Employment Act (ADEA) generally protects employees and applicants age 40 or older and applies to employers with 20 or more employees. The ADEA prohibits age-based discrimination with respect to any term or condition of employment, including hiring, firing, compensation, layoffs, promotions, and benefits. Some state and local laws add additional protections based on age. An aging workforce means more...
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