Type of Content: News
Subtype: Website Post
Resource Title: Older Workers are Getting Hired—but for a lot Less Pay. How to Boost your Earning Potential
Publication Title: Next Avenue
Publish Date: January 14, 2021
The phenomenon of unemployed people in their 50s and 60s getting hired for less than what they made in their last job isn’t new. During the 2007-2009 recession and the years following, unemployed workers in their 50s who became reemployed earned 21% less in their new jobs than in their pre-layoff jobs, on average, according to the Urban Institute.
The hard truth is that during periods of high unemployment, like today, a new job might not pay what you earned before. So, it’s best to be realistic about your options and not let your ego stand in the way of accepting a position. Be open, too, to nonprofit and government jobs, even if they pay less than corporate ones.
Resource URL: https://on.mktw.net/2KKmzKE