Older Workers Are Getting Left Behind in Wage Growth
May 3, 2019
While recent months have seen moderate wage growth, not all workers are getting in on the share. A new report from the Retirement Equity Lab at the New School for Social Research had found that workers over the age of 55 see their pay increase at a much slower rate than younger workers.
The study compared weekly earnings for workers aged 55 to 64 in the first quarter of 2019 to their wages in 2007. After accounting for inflations, wages for this age group have increased by just 0.8 percent. On the other hand, in the same period, workers aged 35 to 54 saw their wages increase by 4.7 percent.
While older workers are not seeing wage growth, they are growing in number. The study notes that more than half of the estimated 11.4 million jobs that will be added to the economy in the next seven years will be filled by workers over the age of 55.