Aging workforce a ‘safety tsunami’ for workers’ comp: report
Kansas City, MO – The baby boomer generation now comprises a large portion of the U.S. workforce, and this aging workforce will become a driving factor in increased employee injury costs in the next two decades, according to a new report from risk management company Lockton.
Released in May, A Safety Tsunami: The Baby Boomer Effect on Workers’ Compensation reviewed trends among older workers, noting that the number of workers estimated to retire before age 65 has declined by half since 1991, and one-quarter of all workers will be 55 or older by 2030.
Workers’ compensation costs increase as the workforce ages, according to the report, and older workers experience a higher number of strains and sprains.
The report offers several suggestions for employers with older workers, including introducing a wellness program and, if possible, reassigning older workers to tasks better suited to their physical capabilities.