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Illustration: Eniola Odetunde/Axios

Two global mega-trends — automation and aging — are coming together to upend the future of work.

Why it matters: The world is aging, and older people are a larger share of the global population than ever. But a critical lack of job retraining programs targeting workers over 50 is putting this growing population at risk, per a new report from the research arm of professional services firm Marsh & McLennan.

The state of play: Older workers are under-appreciated in the global workforce, says Yvonne Sonsino, one of the report's contributors.

  • In 2015, workers over 50 contributed $7.6 trillion to the American economy, and that's projected to go up to $13.5 trillion by 2032.
  • But the average older worker in the U.S. is working a job that's more than 50% automatable — meaning over half of the tasks included in the job can eventually be done by a machine. These occupations include everything from heavy manufacturing jobs to clerical, back-office work.
  • Most upskilling and reskilling programs — whether at community colleges or through boot camps — are geared toward younger people. But it's actually cheaper to train older workers who have decades of experience in the workforce than it is to train new graduates, the researchers found. In the U.K., for example, the government spends around $840 per learner aged 25–49, compared to around $420 per learner aged 50–74.

The bottom line: Just 4% of companies around the globe surveyed by the World Economic Forum in 2016 say they see the value in investing in their older employees.

Go deeper: Robots are stepping in to help solve the worker shortage driven by aging

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Fall and winter COVID surge "unlikely" if people get vaccinated.
  2. Politics: School boards are the next political battleground.
  3. Vaccines: Pfizer begins application for full FDA vaccine approval — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations.
  5. World: Asia faces massive new COVID surgeIndia records its deadliest day of the pandemic.
  6. Variant tracker: Where different strains are spreading.

Kevin McCarthy officially endorses Elise Stefanik to replace Liz Cheney

House Minority Leader Kevin McCarthy. Photo: Win McNamee/Getty Images

House Minority Leader Kevin McCarthy (R-Calif.) officially endorsed Rep. Elise Stefanik (R-N.Y.) to become the GOP's next House Republican conference chair during a Fox News appearance Sunday.

Why it matters: The GOP has been feuding internally over the fate of the current chair, Rep. Liz Cheney (R-Wyo.), because of her criticisms of former President Donald Trump, and her vote to impeach him for his role in the Jan. 6 Capitol riot.

Fauci: Vaccines could turn COVID-19 "surges" into "blips"

NIAID director Anthony Fauci told "Meet the Press" Sunday that if more Americans get vaccinated in accordance with the Biden administration's goals, COVID-19 surges may be replaced by "blips."

State of play: Last week President Joe Biden announced his goal to get 160 million Americans fully vaccinated by July 4, with at least 70% of Americans having at least one shot.