Authors: Aida Farmand and Teresa Ghilarducci
ReLab's study identifies seven reasons behind older workers' loss of bargaining power in the labor market. These include:
- eroding retirement income security
- union loss
- increasingly insecure employment relationships
- persistent age discrimination
- geographical immobility
- ineligibility for the Earned Income Tax Credit (EITC)
- relative propensity to work for smaller firms
A loss of bargaining power among older workers could suppress wages and working conditions for all workers, since older workers are expected to fill a majority of the new jobs created. Out of 11.4 million net new jobs projected between 2016 and 2026, workers over age 55 will fill 6.4 million.
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