US. Nearly 30 Million Baby Boomers Forced Into Unwanted Retirement
In the third quarter of 2020, roughly 28.6 million Baby Boomers have left the job market and retired, according to the Pew Research Center.
The study shows that Covid-19 has contributed to the rapid increase of Boomers—born between 1946 and 1964—being forced out of the labor market. Since the onset of the outbreak, the number of Boomer-aged retirees has increased by about 1.1 million.
Over 65 million Americans have filed for unemployment benefits since March 2020. The unemployment rate hit double-digit record highs. Some companies, such as Amazon, Facebook, Zoom, Netflix and Google, have fared well and thrived during the pandemic, while the large majority of businesses have faced adversity and challenges.
Corporations, particularly in the airlines, leisure, entertainment, resorts, hotels and travel industries, have enacted hiring freezes, massive layoffs and cost-cutting measures.
One of the methods used to axe expenditures is to eviscerate middle-management positions.
These roles are primarily held by professionals who are primarily in the 40-years-old and higher range.
The positions are either done away with or juniorized, in which mid-to-senior-level workers are replaced with younger employees with considerably less experience.
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