Pew Research Center released a report indicating that older workers comprise an increased percentage of the workforce and are earning higher wages. The findings suggest that older workers are working longer hours, more likely to have a four-year degree and more frequently receiving employment-based benefits like health insurance and pension. In 2023, older workers accounted for 7% of all wages and salaries paid by U.S. employers. An additional Pew Research survey found that workers aged 65 and older are more satisfied with their jobs than their younger colleagues. These findings suggest increased opportunities to attract and retain an experienced workforce eager to apply their skills and provide mentorship and support to emerging professionals.
These findings are particularly interesting in light of a January 26, 2024 letter from Senators Mike Braun (R-IN) and Rick Scott (R-FL) to Juli Su, Acting Director of the Department of Labor opposing the final rule for determining employee or independent contractor status. The Senators said, “its rigid restrictions and confusing standard will sharply curtail older Americans’ labor market opportunities, workplace flexibility and contributions to recovery in a still volatile economy.”
Most of the analysis underlying this report is derived from the Current Population Survey (CPS). Administered jointly by the U.S. Census Bureau and the Bureau of Labor Statistics, the CPS is a monthly survey of approximately 60,000 occupied households that typically interviews about 50,000 households. It is the source of the nation’s official statistics on unemployment and is explicitly designed to survey the labor force. It is representative of the civilian noninstitutionalized population. The estimates of the hourly pay gap between older and younger workers use the same methodology that Pew Research Center employs to estimate the gender wage gap. Refer to “How Pew Research measured the gender pay gap” for more details.
