Lately, the job market is becoming more competitive than ever before with increasing cut-throat competition between candidates of different age groups. Insecurity among seniors and unemployment in youngsters are the main problems it might cause, but it can be mitigated by two plausible solutions.
Perhaps the first consequence of this issue is that it will obviously pose more challenges for the young. Older people, understandably, are usually given more favourable consideration by recruiters due to their vast experience in comparison with the young generation. This shortage of work for younger people can lead to increasing in frustration and aggression among them, which is detrimental to society. Another possible outcome can be that older generation could start having psychological issues. This is because, older people will feel that even after gaining years of experience in the market, they are still competing with the freshers to prove themselves.
In order to alleviate this ever-rising competitiveness, some workable actions can be taken. One viable measure is decreasing the legal retirement age. This can alleviate the pressure of competition the young have to face as there will be more employment opportunities for them. Another solution to this issue is that governments should provide these retired people with decent pension schemes if they do not have the required income to survive for the rest of their life. This way the older people will never feel that they have to compete with the youngsters for earning their livelihood.
Conclusively, although increasing competition for same jobs among both generations gives birth to the aforementioned problems, yet not insurmountable. It can be effectively managed if governments give early retirement option to the older generation and provide them enough pension to have a decent and respectable life later.