Promote Incentives for Older Workers to Continue Working and Improve Employment Training and Retraining Programs to Better Serve Older Workers.

NUMBER: PC 12
TITLE: Incentives for Older Workers

Available evidence suggests older workers receive less employment training than younger workers. While there have been successful programs targeted at older workers, more can be done to help workers remain in the workforce, particularly low-wage workers. Studies show that older workers with more updated computer skills may be less likely to retire and more likely to stay in the workforce. In addition, there are a number of economic, legal and institutional barriers to providing incentives to older workers to stay in the workforce. Some of these barriers could be overcome by including more flexible employment arrangements like phased retirement. To expand the reach of programs like phased retirement, traditional thinking about older workers needs to change and laws that regulate retirement and employee benefits should be reexamined.

Older workers are valuable additions to the workforce. In the role of mentor to younger workers, and as invaluable sources of knowledge, older workers contribute significantly to a successful workplace. Employers need to be made aware of the value of older workers through education campaigns. They should also be educated about the impact of a declining pool of labor that can lead to prospective skill shortages.