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How companies rip off poor employees — and get away with it
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How companies rip off poor employees - and get away with it
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How companies rip off poor employees - and get away with it
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Nineteen percent of those in the lowest earnings tercile were no longer working in 2020 compared to one year earlier, the data reveals. In comparison, in 2009 during the Great Recession, 17% of people in that category were no longer working.
Meanwhile, 9% of the highest earnings tercile were no longer working in 2020, compared to 11% in 2009. The big thing that stands out about any recession, including the Covid recession, is just the extent to which it hurts lower income people more, said Geoffrey Sanzenbacher, research fellow at the Center for Retirement Research at Boston College.
Despite the negative consequences for people in this age cohort, there was not a noticeable increase in how many consider themselves to be retired. Part of that may be due to the fact that they are not yet 62, and thus unable to claim Social Security retirement benefits.
Why Some Older Workers Fared Worse During Covid-19 Than the Great Recession
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