Older Employees and Benefit Plans: Pros and the Cons

The Benefits and Drawbacks of Employing Older Workers

Older personnel may be advantageous to a corporation due to their consistency and maturity in decision-making. They are regarded as having lower absenteeism rates than younger workers (“Employment Programs,” n.d.). According to “Employment Programs” (n.d.), senior workers have a strong work ethic because they have already built a respectable career. Employers save time, effort, and money by increasing these employees’ capabilities since they are knowledgeable and resourceful. According to “Employment Programs” (n.d.), clients are more receptive to employee suggestions. When consumer-facing organizations hire elder staff, customer confidence in their products and services increases. The need to integrate the aging workforce is needed to the perception that older workers are exhausted and unproductive, although age diversity in the workplace can boost productivity.

A company’s operations may be negatively affected by the structural limits of an aging workforce. This group has low exposure to technology and the digital innovations that are transforming the modern business scene, as shown by “Employment Programs” (n.d.). Moreover, senior workers are susceptible to disease and have limited vitality. Therefore, they cannot manage some procedures. Such situations prompt companies to limit the employment of older personnel.

Social Security Benefits

Social security benefits are essential for workers’ retirement support. The Social Security Act of 1925 created a program to provide workers with retirement benefits and unemployment insurance (“Income Program,” n.d.). The three categories are retirement, disability, and dependent or survivor benefits (“Income Program,” n.d.). At age 62, when an employee becomes eligible for early retirement, he or she becomes eligible for retirement benefits. “Income Program,” (n.d.), illustrates that a person must have a physical or mental impairment that precludes him or her from continuing gainful employment to qualify for disability benefits…