The aging workforce is significantly influencing workers' compensation programs. This population will have increasing effects on claims costs and outcomes, and it's important to understand the psychological and physiological changes that occur with age and the safety implications associated with this age group.
Employers benefit from the expertise of these individuals, yet they must take special consideration to accommodate aging workers to ensure their safety and maintain productivity.
Related: Butterball's winning workers' comp journey — from farm to table
|The new retirement plan
Roughly 10,000 Baby Boomers turn 65 every day, yet the Bureau of Labor Statistics has projected that 25% of the workforce will be age 55 or older by 2020. Instead of embarking on the traditional retirement plan of exiting the workforce and enjoying some rest and relaxation, the aging workforce is opting to work past "normal" retirement age. As the aging workforce increases, it's important to examine the circumstances around this anomaly.
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