WASHINGTON, DC – The labor force is expected to increase by 8.9 million people, or 5.5 percent, by the year 2030, but don’t expect the gains to come from the next generation of potential workers.
According to the Bureau of Labor Statistics, those between the ages of 16 and 24 will actually become a smaller segment of the employment pie, shrinking by 7.5 percent from 2020 levels.
Though the vast majority of the workforce is between the ages of 25 and 54, labor participation will remain roughly steady over the ten years, and workers between the ages of 55 and 74 will also decline.
So where will the new workers for the next decade come from?
Ironically it will be the “Baby Boomers”. By the year 2030, all boomers will be at least 65 years old and the labor force participation of those 75 and older is expected to increase by nearly 97 percent – which means even though 9 percent of boomers were working in 2020, nearly 12 percent of them will be working in 2030.
In other words, 10 percent of the workforce in 2030 will be at least 65 years old. Now the question will be why they continue to work: for survival or for pleasure.
(SOURCE: All Ag News)