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Jerusalem Life

| 50 and fired: Growing problem of older unemployed in Israel

Janglo News    
Sunday, 08 December 9:26 AM
If you’re a man working in high-tech, financial services, the media or agriculture, or if you live in the greater Tel Aviv area or have low job skills, the odds of your remaining employed after age 50 are relatively low. The result is that you lose years of accumulated pension rights and, if you take into account the increase in life expectancy, the financial consequences can be catastrophic.

The proportion of working-age Israelis (25-64) actually in the labor market is 80.2%, higher than the average for Organization for Economic Cooperation and Development member state. But for those over age 50 the labor force participation rate is significantly lower. “While the rate for people ages 35-44 is 85%, the number declines to 69% for those ages 55-64 and plunges to 16% for those over age 65,” says Margalit.
         
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