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FOR IMMEDIATE RELEASE                     CONTACT: Heather Underwood (312)458-3623

December 18, 2008                                                                 Gerardo Cardenas (312)458-3609

 

NEW ILLINOIS UNEMPLOYMENT RATE HITS ABOVE NATIONAL AVERAGE

 

AARP Finds Workers over 55 See 52% Rise in Unemployment – Association Presses for Solutions, Provides Resources to Help

 

CHICAGO , Illinois – As the economic crisis deepens, the Illinois Department of Employment Security (IDES) delivered some harsh new numbers for the state - in November, the Illinois unemployment rate was 7.3% up from 6.8 % in October (well above the national rate for November of 6.7%). While all age groups are affected, AARP has found that older workers tend to be among the hardest hit when it comes to unemployment trends.    The full IDES report can be found: http://lmi.ides.state.il.us/laus/lausmenu.htm .

 

Nationally there are over 1.3 million workers 55 and older who are currently unemployed – a 52% increase in the last year.  AARP has found that when older, longer tenured workers lose employment, it takes them longer to find the next job and they are more likely than younger workers to exhaust their unemployment benefits in the process. There has been a 55% increase in the unemployment rate of workers 45 and older. 

 

“Older people, who are already seeing their retirement dreams slip away, are joining the ranks of the unemployed at an alarming rate at the exact time that they need their jobs the most,” said Bob Gallo, AARP Illinois Senior State Director.  “As we continue to see record unemployment rates across the nation and in Illinois, it’s critical that our elected leaders continue to work towards solutions.”

 

Adding to the crisis, nearly $3 trillion has been erased from 401(k) plans and other retirement accounts in the last 14 months, leaving older workers entering into retirement in just as tenuous a situation as they faced in the workforce.

 

To help bring some financial relief to older Americans, Congress recently passed the “Worker, Retiree and Employer Act of 2008,” that places a one year moratorium on mandatory withdrawals from shrinking 401k and IRA accounts.  AARP also successfully pressed for a temporary extension of unemployment insurance benefits, allowing workers up to 13 additional weeks if regular unemployment benefits are exhausted before finding a new job.

 

AARP has several resources available at www.aarp.org and is encouraging older workers to connect with companies that have positions to fill at www.aarp.org/employerteam or retirementjobs.com.    

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