It’s no secret that the COVID pandemic accelerated a wave of retirements among older American workers. In 2021, the workforce participation rate for those aged 55 and over fell by nearly 2%, and retirees likely accounted for 2 million of the 3.5 million people missing from the labor force in 2022, according to Fed Chair Jerome Powell.
In an effort to hold onto older workers, who will account for at least 25% of the U.S. workforce by 2029, some employers have started offering a new benefit: grandparent leave, or paid time off to employees upon the birth or adoption of a grandchild.
