Now lets move on to factorizations that may | Ch 6.5 - 48

SW with Aging (Week 13) Ch. 10  Ageism­ 1967 ADEA­ Age Discrimination in Employment Act. It was many losses and law suit. Older worker waste less time. For 18 hrs a week, surfing the internet during work hours. $759 billion total salary cost for employers.  (ADEA) forbids discrimination in the workplace against anyone 40 or older. A recent survey shows that many workers still believe there are signs of age discrimination on the job today. 1 in 5 workers in the U. S. is age 55 or older. Morris quoted “what we are looking for is somebody, about 25 with 40 years’ experience.  Age discrimination lawsuits: (1997 – 2007)16K to 19K/yr. Since 2008 – 23K – 25K/year. Supreme Court Case Gross v. FBL – tougher to win. ­Gross (age 54) sued and won in lower courts, lost in S.C – have to prove that age is the reason for discrimination. ­Called Russian Roulette ( it used for criminals) – can backfire with career future – burning bridges; never get hired again. Viewed by future employers as trouble maker. Time consuming; keep you from getting on with your life, and Better to negotiate than sue ($)  Types of Ageism: Personal Ageism­ biased against person or group based on their older age. Institutional Ageism­ Missions, rules, and practices that discrimination against individuals and or group because of their older ages. Intentional Ageism­ practices carried with knowledge of bias: take advantage of the vulnerabilities of older persons. Unintentional ageism­ practices in which perpetration unaware of bias against persons or group based on their older age.  Is retirement obsolete The 20th century could be called the “age of retirement” After World War II, there was a consistent decline in labor force participation with advancing age in all industrialized countries. For society, the decline in labor force participation represents a loss of productivity by older people, for several reasons: People are now living longer, People are better educated, and People are in better health than ever before  History of Retirement: Widespread retirement by workers only became possible after the industrial revolution of the 19th century. Prussian Chancellor Otto von Bismarck first introduced the age of 65 as the basis for pension (European countries still refer to retirees as “pensioners”). According to statistics: The overwhelming majority of both men and women are retired from the labor force after the age of 65. Older men tend to move away from work and toward retirement. However, in 2000, labor force participation for people over age 65 was higher than it had been at any time since 1979, and the trend has continued into the 21st century. A “Roleless Role” Retirement is not usually a negative event. Pursue another career; go back to school; volunteer; increased involvement with children & grandchildren. Leisure can be viewed as either a negative time away from work, or a positive experience of free time. However, retirement as a time of leisure is only possible with wealth. With longer lives, people have spent more time in education, work, and retirement.  Cornell Study of Occupational Retirement: 1952­1962 (a classic study) Challenged ideas that retirement was negative and produced feelings of worthlessness. Findings: retirement does not produce ill health; most retirees had sufficient income 25% felt their standard of living was better than it had been while working. SW with Aging (Week 13)  Changes in the American Economy: A new postindustrial economy shaped by information technology and global competition has reshaped American society. Large companies can no longer guarantee employment or a predictable work life based on patterns in the past. For organizations, corporate downsizing often means a loss of older employees’ experience and skills. The volatility of the labor market today is more difficult for older workers to cope with than for younger workers. Today a majority of eligible workers participate in some type of retirement contribution plan.