Wednesday, May 16, 2012
WIN: Unemployed seniors can lose substantial retirement income
The report finds that 55 percent of jobless seniors have been unemployed for more than six months.
That’s a significant increase of 23 percent since 2007.
During a hearing on Tuesday Senator Herb Kohl of Wisconsin said lawmakers need to find new ways to address the issue of age discrimination.
Losing a job and having difficulty of finding new work before hitting the age of 62 sees a significant decrease in retirement income.
Those who are forced to retire at the age of 55 on average receive 39 percent less than those who retire just seven years later.
Age discrimination laws in the US are very weak and seniors do not often prevail in such age-related lawsuits.
The Tampa Tribune was well known for it 50-50 policy. Once a journalist or other newspaper worker made $50,000 a year or reached age 50, their job was on the chopping block.
Seasoned older workers were replaced with younger for less pay and the older workers were forced out of the company before they were eligible for a pension.
Eventually the Tribune was bought by a larger chain and when the new corporation investigated complaints at the paper, as survey indicated extremely low morale.
The editor of the newspaper, a former marine, and other key staff were fired months later. The reign of terror finally ended but not until after a lot of good people had lost their jobs for a decade or more.
source: Workers Independent News
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