Tuesday, May 3, 2022

Caregiving's Impact on the Work Force

Last month, the Washington Post ran this article, Caring for aging parents, sick spouses is keeping millions out of work.

Even as the job market rapidly approaches the levels last seen before the coronavirus pandemic, a lack of affordable care for older and disabled adults is keeping many out of the workforce. At least 6.6 million people who weren’t working in early March said it was because they were caring for someone else, according the most recent Household Pulse Survey from the Census Bureau.Whether — and when — they return to work will play a role in the continued recovery and could reshape the post-covid labor force.

Read these next two paragraphs from the article very carefully:

For all the attention on parents — and mothers in particular — who stopped working to care for children during the pandemic, four times as many people are out of the work force, caring for spouses, siblings, aging parents and grandchildren, according to the Federal Reserve’s latest Monetary Policy Report.

...

Caregiving is the second-largest factor keeping people out of work, behind early retirements, at a time when job openings continue to outnumber potential workers. That mismatch is contributing to labor shortages around the country and playing a role in overall inflation. Roughly one-quarter of the workers missing from pre-pandemic levels are on the sidelines for caregiving reasons, according to the report. Overall, the economy is still short 1.6 million workers, two-thirds of them women, from early 2020.

Did you catch those numbers?  4x as many folks are not working because of caregiving responsibilities, and caregiving is the 2nd most common reason why folks aren't working.

Read the article. It's important!

https://lawprofessors.typepad.com/elder_law/2022/05/caregivings-impact-on-the-work-force.html

Consumer Information, Current Affairs, Health Care/Long Term Care, Other, Statistics | Permalink

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