Term Paper on "Laws Currently in Congress"

Term Paper 6 pages (1499 words) Sources: 2 Style: MLA

[EXCERPT] . . . .

bill currently making its way through the legislative process that would promote labor force participation of older workers. The writer examines the importance of older workers, as well as how this bill would impact corporations across the nation. The bill provides a tax credit to those who employ older workers that fit the criteria set out for the tax credit. There were two sources used to complete this paper.

Tax Credit Bill Designed to Encourage the Employment of Older Workers

For many years, potential employees were politely interviewed then never called back to accept the position. There was a general mindset that they could not work as hard, or as fast or as well as their younger peers could work. The advances in medical science have begun to change the way the older population is viewed. People are living longer than ever before and with that longevity come the desire to stay busy and contribute to society well into the "golden years."

One of the problems that the older generation is encountering however is the attitude toward their contribution to the workforce. When a person reaches a certain age they suddenly find themselves "unemployable" even when they are highly skilled and experienced in the field.

A bill recently introduced to Congress and making its way across the legislative floors will provide a tax credit to corporations that employer older workers. This bill is being used as the backdrop to encourage an older workforce.

Over the past five decades the demographic makeup of the labor force has been slowly changing. "In 1950, there were seven working age people for every elderly person in the United States. By 2030, there will be only three. The aging workforce represents a major economic challenge at home and abroad. The question is -- how will society and world leaders address this challenge (Lockwood, 2003)?"

Older workers are defined differently in different field of employment. For the most part however, an older worker is a worker that is more than 45-50 years old with senior workers being 60-75 years old (Lockwood, 2003).

The Age Discrimination in Employment Act of 1967 (ADEA) identifies any worker past the age of 40 as an older worker (Lockwood, 2003).

With the advances of medical science allowing people to live longer than ever before and the number of baby boomers coming up on retirement one study suggests that the age of an older worker be moved to 51, however the Committee for Economic Development's New Opportunities for Older Workers believes it should be held at 45 and older (Lockwood, 2003).

There are many changes taking place in the American workforce with regards to older workers including:

Since 1950, the number of people aged 65 and older in the United States has increased from 8% to 12%(Lockwood, 2003).

By the end of 2002, the number of older workers in the labor force aged 55 to 64 -- employed or seeking work -- increased to 62.9%, the highest level during the postwar era (Lockwood, 2003).

According to the U.S. Bureau of Labor Statistics, more than 25% of the working population will reach retirement age by 2010, resulting in a potential worker shortage of nearly 10 million (Lockwood, 2003)."

There are federal laws in place that protect older workers from being discriminated against however there is no way of knowing when a potential employee is passed over in favor of a younger candidate simply because of age (Lockwood, 2003).

While the protective measures in government prohibit workers from being forced into retirement at early ages, it cannot be ascertained how many older workers simply don't get hired to begin with because of the age bracket they are in.

Research has shown that older workers have a better overall work attitude, attendance and job performance record than their younger counterparts do, leaving the only reasons for discrimination is their age (Lockwood, 2003).

The bill being currently introduced to the federal legislative bodies will provide financial incentives for companies to hire older workers. The bill is designed to give corporations a reason to hire older workers and to retain them on the payroll each year by providing a tax incentive on an annual basis for each qualified older worker that the corporation employs (Older Worker Opportunity Act of 2007 (Introduced in Senate) (http://thomas.loc.gov/cgi-bin/query/D-c110:223:./temp/~c110wsEq1c).

The cited purpose of the bill is to "promote labor force participation of older Americans, with the goals of increasing retirement security, reducing the projected shortage of experienced workers, maintaining… READ MORE

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