Monday, September 15, 2008

Ohio: Study Shows Older Workers To Remain in Workforce

According to research conducted by Miami University's Scripps Gerontology Center, more workers over the age of 55 are expected to stay in the workforce in Ohio, with the proportion of older workers in the state's workforce expected to rise from 16.7% percent to 22.4% from 2006 to 2016--an increase of 34% during that 10-year period. The study ("Ohio's Aging Workforce: Opportunities and Challenges for Ohio's Employers"), authored by Lydia K. Manning and Shahla A. Mehdizadeh, focused on anticipated age-related changes in Ohio’s workforce and the effect these changes might have on employers, employees and society.

Among other things, the authors note that two-thirds of Ohioans age 55 to 64 are expected to be in the state's workforce in 2016, roughly 20% of Ohioans age 65 and older are expected to be in the state's workforce in the year 2016, and, by 2016, two-thirds of all job openings in Ohio are expected to be for positions replacing retirees. Circumstances keeping people in the workforce include the elimination of traditional pension plans by many private employers, stock market losses eroding the value of 401(k) plans, and need for many people to retain access to employer-based health insurance.

Sources: Miami University's Scripps Gerontology Center "Ohio's Aging Workforce: Opportunities and Challenges for Ohio's Employers"; AHN "More Workers Over Age 55 Expected To Remain In Workforce" (September 12, 2008)

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