China News Service, October 21. According to a report by the American Overseas Chinese News Network, on the 20th local time, a study released by the New School University of New York showed that the unemployment rate of older employees was higher than that of middle-aged employees for the first time in the past 50 years.

  According to reports, the epidemic has caused serious damage to the employment of people of all ages.

But the researchers found that in this process, employees aged 55 and over will lose their jobs faster than those aged 35 to 54. They are rehired more slowly and have a higher unemployment rate.

  Such a severe unemployment gap lasted for 6 months or more, and this is the first time this situation has occurred since 1973.

  Since the 1970s, during every recession, the unemployment rate of older employees has been lower than that of middle-aged employees, partly because of the benefits of seniority.

But in the current economic recession, the monthly unemployment rate of older employees has been higher than that of middle-aged employees since the outbreak.

  Between April and September 2020, the unemployment rate of older employees was 1.1 percentage points higher than that of middle-aged employees, at 9.7% and 8.6% respectively.

For blacks, women, and older employees without college degrees, unemployment is even more serious.

  Teresa Giladucci, director of the Schwartz Center for Economic Policy Analysis at New School University, said the epidemic poses a risk especially to older employees.

  "The unemployment rate for older employees is higher, probably because it is a rare opportunity in an employer's life to get rid of older workers without worrying about the opportunity for the Department of Labor to investigate." Giladucci said, "The regulations against age discrimination have not been strictly enforced. Because of concerns about economic instability, employers may wish to fire relatively high-cost employees and seize opportunities to train new employees when the economy recovers."

  Older employees often experience age discrimination, which makes it difficult for them to find a job.

Researchers believe that employers lay off workers and resist rehiring older employees, partly because this group tends to face more serious health risks when infected with the new crown virus.

  The rapid increase in the unemployment rate of older employees may force more seniors to retire early and forced to retire, worsening their financial situation, and exacerbating the existing financial gap in retirement protection for women, ethnic minorities, and people without college degrees.

Researchers at the New School estimate that 1.4 million employees over 55 have been unemployed since April.

This figure does not include employees who were unemployed and left the labor market in April.

  This situation may have a profound impact on employees approaching retirement age, because the last few years of work are crucial for those who do not have enough retirement savings and want to work longer to support their retirement funds.

  Researchers recommend that Congress increase and extend the unemployment benefits of older employees, prevent withdrawals from retirement accounts, and lower the medical insurance eligibility threshold to 50; in addition, a federal-level agency for older employees needs to be established. Ensure that the group can receive benefits.