Graying of America Challenges Employers Business Insurance (08/12/02) p.1; Prince, Michael
Employers in the United States will need to do more to attract and retain older employees as the baby boomers age and the population becomes older, experts say. In 1990 the most populated age groups were between the ages of 20 and 40, but by 2025 there will be just as many 70-year olds as there are newborns, and a smaller percentage of people between 30 and 50. As demographics change and the workforce diminishes, employers will have to provide older workers with more employee benefits as incentives to keep them in the workforce, experts say. Health care costs for older employees may be more expensive, but if employers do not alter their current systems they will face a startling shortage of workers and will be unable to remain competitive. Experts forecast a major reevaluation of today's health care system and an increasing trend toward consumer-driven health care in response to changing demographics.