WASHINGTON—Today, U.S. Senate Special Committee on Aging Ranking Member Mike Braun released a report entitled, “What’s Working for Older Workers,” which examines the challenges that older workers are facing and provides recommendations for Congress and the Administration to support older workers, protect their retirement security and strengthen their workforce participation.
“After spending 40 years running a business on Main Street, I understand the crucial role that older Americans represent in our economy. Too many older Americans are suffering in the current economy. My report details the initiatives I have taken in Congress to alleviate challenges for older workers by removing burdensome rules, protecting their retirement savings and implementing effective programs to connect older Americans to good paying jobs, as well as tackling issues like high inflation that forced some older Americans back to work.”—Sen. Mike Braun
Over the last two decades, the share of the workforce aged 55 or older almost doubled. By 2028, over a quarter of the workforce will be aged 55 or older. Inflation has been a factor in forcing retirees back to work. 43 percent of those considering returning to work are doing so because of inflation.
The report identifies that older Americans are increasingly turning to the gig economy to supplement their incomes and savings due to the flexibility it provides. Nearly 1 in 3 independent or “gig” workers are over age 55.
In October 2022, the Department of Labor (DOL) proposed a rule that would eliminate a bulk of independent jobs. Braun has led the charge in the Senate to challenge this rule.
In addition, the DOL has finalized a rule that allows fiduciaries to invest based on ESG factors which tend to produce a lower rate of return. Braun introduced a bipartisan and bicameral measure to eliminate this rule which Biden used his first veto on. Last week, Braun introduced a bill that would counter this rule.
Read the full report here.