Thursday, October 29, 2009

Our Aging Workforce

Aging America: The Iceberg Dead Ahead by Tom Lynch, founder of LynchRyan, Inc., is a remarkable article on the potential impact of older workers on the workers' compensation system. Baby boomers are reaching retirement age but 50% will defer retirement for a variety of reasons: global economic meltdown, rising health costs, inadequate social security and Medicare systems.

Generally the higher cost of treating injuries to older workers is offset by their lower accident frequency. However, the data does not consider the growing proportion of aging workers. Lynch predicts losses will rise significantly due to Boomer injuries, driving up employer premiums.

Good read for the weekend.

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