Elderly Emerge as a New Class of Workers -- and the Jobless

1. Elderly Emerge as a New Class of Workers -- and the Jobless Sharon B, Joshua B, Kurtis B, and Traci B

2. Past Recessions vs. Current Recession Past Recessions • Older workers simply would have retired Current Recession • Older workers are searching want ads and applying for jobs • Can’t afford to be out of work due to outstanding mortgages, bank loans, and high medical bills

3. Data and Statistics • Number of unemployed workers 75 and older increased 73,000+ in January 2009 • Up 46% from January 2008 • Workers 65 and older, jobless rate is at 5.7% • Below the national average, but well above what it was in previous recessions

4. Data and Statistics cont’d • Percentage of people 65 and older in the work force was at 16.8% at the end of 2008 • Ten years ago it was 11.9% • Percentage of people 75 and older increased from 4.7% to 7.3% over ten years Motivation to work is moving from the stimulation and challenge of a job to the motivation of financial necessity

5. Factors Causing Older People to Stay in the Work Force • Fewer people than in years past are covered by defined-benefit plans • Company sponsored pensions • Retirement investments – values have eroded with the stock market • Some worked for small companies or were self-employed and never had a pension • Outliving their savings by mid to late 70s • Mortgages and medical bills • Social Security and Medicare aren’t enough • Few programs to help older unemployed workers

6. Young vs. Old • Mr. Dase an unemployed bartender • 81 years old • 40 years without pension • $1,625 Social Security Check • $29,000 credit card debt • $26,000 home equity loan to pay off • $363 dollars a month for eight years

7. Senior Community Service Employment Program • $433 million in funding • Only federal job initiative for elderly • At least 55 • Income can’t be over 25% of poverty level • Up to 20 hours a week • Handles about 92,000 workers a year • $7.15 an hour to stuff envelopes and greet visitors

8. Experience Works • Lois Humphrey, 80 • Needs to work to pay rent and prescriptions • Cancer, Diabetes, Arthritis • Experience Works in 2000 • Non profit training and placement organization • Unable to find her a private sector job thus far

9. Senior Employment Center • Justyn Jaymes administers the federal job-training program in Akron • He is expected to place 27 to 32 people a year into paying jobs • Supposed to spend no more than 27 months in the program on average • Jaymes is having to push more and more seniors out of the program due to the amount of time they are spending in it

10. Senior Employment • Getting hired as a senior is not impossible but can be difficult because employers generally look for younger employees • Many elderly also cannot find a job that fits them because of physical conditions they may have • More seniors need jobs because they cannot afford to retire

11. Being Laid Off • Ms. Appleby is without a job • Worked for 18 years • Cooked, Cleaned Tables, and Served • Earned minimum wage • Laid off last year

12. Applying for Unemployment • Ms. Appleby doesn’t have a resume • Her mobility and age limit her options • She is trying to get a job at the local courthouse • Considering knee surgery • Has no option, but to apply for Social Security

13. Are there any questions?