A Ray of Hope Amid a Grim Forecast for Mature Workers

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Mar 19, 2013, 10:06 ET

WASHINGTON, March 19, 2013 /PRNewswire-USNewswire/ -- The latest job statistics show a grim outlook for the nation's mature workers, but an initiative from the National Council on Aging (NCOA) aims to improve older adults' likelihood of securing training, jobs, and financial support.

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The Bureau of Labor Statistics' latest figures indicate that 5.8% of workers aged 55+ were jobless and actively seeking employment in February. While this figure is lower than the national average of 7.7%, unemployed mature workers are more likely to be out of work longer than their younger counterparts. In 2012, adults aged 55-64, on average, were unemployed for 54.6 weeks, compared to 36.4 weeks for workers aged 25-34.

"Being age 55-64 and out of work is particularly difficult, because you're unable to tap into the traditional safety net programs like Medicare and Social Security," said Nora Dowd Eisenhower, senior vice president of economic security at NCOA. "But jobs still matter for this population. With years of life still ahead of them, mature workers need opportunities now for training or retraining that leverage their experience and give them marketable job skills."

NCOA, with support from the Bank of America Charitable Foundation, is piloting one solution. Over the next year, NCOA will partner with agencies in New Jersey, New York, San Francisco, and Virginia to help hundreds of low-income, older adults obtain work skills training along with services and benefits that maximize their budgets and help them get out of debt.

Also, supported by the Bank of America Charitable Foundation, thousands more mature workers will benefit from JobSource, a soon to be launched website that will help older adults assess their job skills, conduct a job search, and find job training online.

"As high unemployment rates continue to hurt the economic health of communities large and small across the U.S., older adults have been impacted for longer durations in conjunction with reduced social safety nets," said Kerry Sullivan, president of the Bank of America Charitable Foundation. "Connecting these mature workers with opportunities that help them secure training, jobs and financial support plays an important role in our broader efforts to connect individuals with meaningful employment that ultimately strengthens local economies."

About NCOA
The National Council on Aging is a nonprofit service and advocacy organization headquartered in Washington, DC. NCOA is a national voice for millions of older adults—especially those who are vulnerable and disadvantaged—and the community organizations that serve them. It brings together nonprofit organizations, businesses, and government to develop creative solutions that improve the lives of all older adults. NCOA works with thousands of organizations across the country to help seniors find jobs and benefits, improve their health, live independently, and remain active in their communities. For more information, please visit: www.ncoa.org | www.facebook.com/NCOAging | www.twitter.com/NCOAging

About Bank of America Charitable Foundation
Bank of America's commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at www.bankofamerica.com/about and follow us on Twitter at @BofA_Community.

SOURCE National Council on Aging