The frequency of job loss among workers in late career has risen disproportionately in recent years. During the early 1980's, 55- 64-year-old had the lowest displacement rates of nay age cohort, but by the recession of the early 1990's, they had the highest rates (see Henry Farber, 1997). The effects of job loss on these workers are potentially severe: their earnings capacity, savings, and retire- ment plans are likely to be dramatically af- fected, and they may take substantially longer to be reemployed.
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