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By WideWorldOfWork.com– America’s over 65 workforce is growing and taking on more shades of pink.
The percentage of people over 65 in the U.S. labor force increased from 12.1% in 1990 to 16.1% in 2010, according to the U.S. Census Bureau.
The increase was greater for women over 65.
“As with all age groups, the increase in labor force participation of women has been a driving factor for this overall trend,” said Braedyn Kromer, an analyst in the Census Bureau’s Labor Force Statistics Branch.
Between 1990 and 2010, women over 65 experienced a 4.1 percentage point increase in labor force participation. Women 16 to 64 experienced a 1.9 percentage point increase.
This compares with a 3.2 percentage point increase in the labor force participation rate for men over 65 and a 5.2 percentage point decline in the participation rate for men 16 to 64.
The over 65 population will increase by more than 67% between 2015 and 2040, according to Census Bureau projections. By 2040 people over 65 will be 21% of the total population.
During the past 20 years, the labor force participation rate of people over 65 years old has increased. This was particularly true during the past decade.
Some over 65 workers are in the labor force involuntarily.
The growing labor force participation rate increase for those over 65 is due to a variety of reasons, but primarily the need for money and benefits.
Increased participation in the labor force by workers over 65 is also attributable to the ability to work given longer life spans.
For 16- to 64-year-olds, the national labor force participation rate was 74.0% in 2010, 1.6 percentage points lower than in 1990.
Within the 65 and over population, 65- to 69-year-olds saw the largest change, increasing from 21.8% in 1990 to 30.8% in 2010, a 9.0 percentage point increase.
This compares with a 5.0 percentage point increase for 70- to 74-year-olds and a 1.0 percentage point increase for people 75 years and older.
Men over 65 experienced a 3.2 percentage point increase in labor force participation between 1990 and 2010, increasing from 17.6% to 20.8%.
This compares with a 5.2 percentage point decline in the labor force participation rate for men aged 16 to 64 during the same time period — 83.4% to 78.2%.
The change was more dramatic for women over 65.
Their labor force participation rate rose from 8.4% in 1990 to 12.5% in 2010, a 4.1 percentage point increase.
Women aged 16 to 64 experienced a 1.9 percentage point increase in the labor force participation rate between 1990 and 2010 — 67.9% to 69.8%.
This pattern was true for all sub-age groups within the over 65 population.
For example, the labor force participation rate for women 65 to 69 years old increased 9.5 percentage points between 1990 and 2010, compared with a 7.9 percentage point increase for men 65 to 69 years old.
See also:
Young And Older Workers, Two Sides Of The Same Coin
Lip Service? Poll: Corp Concern Over Lost Skills As Boomers Retire
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