The economic and employment impact of the pandemic has been profound, and one of the most affected groups has been those over 50 years of age. A study by the Latin American Center for Economic and Social Policies of the Catholic University (Clapes UC) explains that those over 50 years of age are one of the age ranges that have taken the longest to recover pre-pandemic employment levels.
Today the unemployment rates in this segment of the population are 1.6% times what they were before covid19 and, according to calculations, there are more than 297 thousand jobs missing to recover the employment rate they had before March 2020, when The health emergency began. In parallel, the time it takes to find a job again has increased: 7.1 months for those between 50 and 59 years old and more than 11 months for those over 60 years old. But about 24.3% of unemployed people over 50 years of age face stages of long-term unemployment (12 months or more), surpassing other age groups.
The reality that more and more people are living in this situation worries experts: 65% of unemployed people over 55 years of age are household providers, which can exacerbate financial tensions, ultimately translating into an increase in poverty. Another element to consider is the aging of the population. Between 2010 and 2023, the proportion of those over 55 years of age in the workforce rose from 15% to 20%,” the same study indicates.
The increase in life expectancy, which will lead us to live longer, is an increasingly evident reality. However, as a society, we are not adequately assessing the challenge this represents, addressing it superficially. Among the obstacles that older people face when looking for employment, ageism emerges as the main one. This form of age discrimination manifests itself in deep-rooted biases and prejudices, such as the perception that older people are slower or less efficient. These stereotypes hinder the job placement of individuals over 55 years of age, contributing to a lack of generational diversity in companies. It is essential to recognize and address these intergenerational challenges to promote an inclusive work environment adapted to the changing demographic reality.
The high expectations of job seekers and economic fragility play a fundamental role in this growing phenomenon in Chile. The labor market recovery has lagged behind overall economic activity, exacerbating the economic weakening. Job offers largely do not meet the expectations of older individuals in terms of roles and remuneration, prolonging their job search. This discrepancy between labor supply and demand contributes significantly to the challenge of job placement for this demographic group.
It is essential to address these issues comprehensively to ensure an inclusive and equitable work environment. Recognizing the value and experience of older workers, as well as promoting policies that encourage their active participation in the labor market, are crucial steps towards building a more just and sustainable society. It is imperative that society and employers recognize and value generational diversity as an asset and act accordingly to ensure equal opportunities for all workers, regardless of age.
