Layoffs are the new American “Way of Life”.
For “salarymen” like us, it’s “early retirement”.
As a nation, I’m not sure we can afford it. It would seem that we need an ERISA-like law to protect the older workers. 40 plus!
Perhaps, instead of employment at will, it becomes a “default employment contract”. At 40, you have to get 12 months warning that your contract will not be renewed.
Figure retirement age for Social Security is 66. Society has some obligation to ensure you can work to that age.
At 60, it’s a six year contract?
F(40 years of age) = 12 F(60) = 72
x1-x2 = 60 – 40 = 20
y1-y2 = 72 – 12 = 60
3 months extension for every year of age.
45 = 1 year + 15 months. 50 = 42 months. 55 = 57 60 = 62 months
Not exactly sure how that would be formulated. Like pension vesting?
Clearly, only government workers have pensions. So industry got round that restriction. And, got back to being able to “nuke” people without a care in the world.
I’m also reformulating the advice I give turkeys in the 20 to 40 range. They need their own form of “unemployment insurance”. Try to convince them of it.
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UPDATE: No surprise here
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After being laid off from his bank consulting job 11 months ago, Jim Edwards’ daily routine of networking, applying for jobs and going to the gym keeps his spirits up.
“I’ve been out of work and living on my retirement income,” said the 62-year-old, who added it’s been a struggle finding employment because no one is hiring.
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