NYT: The Older Cling to Jobs, Crowding Out the Younger

From the New York Times online:

In general, the older the group, the more likely it has been to hold onto jobs through the recession and recovery.

In every age group above 62, the proportion of both men and women who are employed is higher than it was before the recession.

Much of that change probably does not involve people getting new jobs, but instead shows that those with jobs are more reluctant to retire than their predecessors were before the recession.

Such people may have greater fears about paying for retirement, reflecting both the fall in home prices during the downturn and the declining presence of defined-benefit pension plans.

Even those with substantial savings may be concerned, with interest rates so low, that they can earn little on their savings without taking on significant amounts of risk.

Those decisions collectively may be having a crowding-out effect on younger workers, by not freeing up jobs that could prompt promotions for some and new hiring to replace those who were promoted...
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Link: http://www.nytimes.com/2014/05/10/business/economy/the-older-cling-to-jobs-crowding-out-the-younger.html?