A sad story from Michael Winerip at the NY Times: For Laid-Off Older Workers, Age Bias Is Pervasive
[A] substantial number of older workers who lost jobs — even those lucky enough to be re-employed — are still suffering. Two-thirds in that age group who found work again are making less than they did in their previous job; their median salary loss is 18 percent compared with a 6.7 percent drop for 20- to 24-year-olds.
The re-employment rate for 55- to 64-year-olds is 47 percent and 24 percent for those over 65, compared with 62 percent for 20- to 54-year-olds. And finding another job takes far longer: 46 weeks for boomers, compared with 20 weeks for 16- to 24-year-olds.
I think the age groups that are hit the hardest by a recession are those just entering the workforce, and those nearing retirement. For those entering the workforce, it is tough to find that first job – and they face a long period of lower wages. For those who are laid-off nearing retirement, it is very difficult to find a new job and learn new skills … and the pay is usually substantially less.