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The Aging Workforce in North Carolina John C. Scott November 17, 2009

The Aging Workforce in North Carolina John C. Scott November 17, 2009. The Older Workforce in North Carolina: Challenges and Opportunities. Overview: Labor force Characteristics of the older population in NC What are other states doing to improve labor force participation at older ages?

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The Aging Workforce in North Carolina John C. Scott November 17, 2009

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  1. The Aging Workforce in North Carolina John C. Scott November 17, 2009
  2. The Older Workforce in North Carolina:Challenges and Opportunities Overview: Labor force Characteristics of the older population in NC What are other states doing to improve labor force participation at older ages? What can NC do (when we have no money)?
  3. Labor Force In 2006, 57.1 percent of persons in this age group were employed. As one would expect, active working life declines after age 65: In 2006, labor force participation for those aged 65 to 74 was 20.1 percent in North Carolina.
  4. NC Older Workers and Industry Persons aged 50 to 59 comprise: 33 percent of the workforce in food manufacturing 27.9 percent in transportation equipment manufacturing 24.3 percent in social assistance. The 60 and older age cohort represented: 18.7 percent of the workforce in textile, apparel and leather manufacturing, 17.3 percent in membership associations, and 16.8 percent in real estate. Moreover, workers aged 55 to 64 comprise the second largest age group among the self-employed
  5. National Unemployment, 55+
  6. The Recession and the ‘Whipsaw’ Declining values in 401(k) plans Layoffs Difficulty finding work Cannot retire
  7. Older Population by Gender and Age Group
  8. What are other states doing? Connecting workers to opportunities Public awareness campaigns Improving skills training for workers directly and through tax subsidies for employers Identifying best practices for employers Targeted research on industry trends Authorizing phased retirement for public employees
  9. We have no money -- What can we do today? A state-level review of (a) barriers to hiring and retaining older workers in both private and public sectors and (b) models of aging-friendly workplace practices Implement aging-friendly workplace practices in all branches of state government Tax incentives to employers for hiring and retaining older workers Advocate for increases in federal funding of workforce training
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