Sean Banville - Ageism and Banking | Текст песни

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• Ageism and Banking

New ageism laws let older bankers sue for millions
New employment laws have been introduced in the European Union that will help middle-aged and older workers. The Employment Equality Age Regulations became law on October 1 as part of an EU-wide initiative to stop ageism in the workplace. Legislators decided discrimination against older workers and older job seekers was on a par with sex discrimination and that against ethnic minorities. The new laws mean staff can claim significant levels of compensation from employers found guilty of firing staff for being “too old”. Sam Mercer, chief executive of the Employers’ Forum on Age told The Guardian newspaper: "Ageism is still seen as not that bad like speeding. While racism and sexism are viewed like drunk driving - totally unacceptable." However, not everyone is happy with the new laws. The Guardian reports a recent study which revealed 70% of 16-24-year-olds believed older workers should not receive higher pay because of their age or experience.

Those likely to most benefit from the new laws are middle-aged bankers, who are often “let go” by their employers for being less dynamic than their younger and more ambitious counterparts. In effect, this means the law will give greater protection to white middle-aged men - called "pale, stale males" by human resource departments. The Guardian reports that one bank allowed staff to call traders in their 40s "dinosaurs" and their desks as "Jurassic Park", according to a leading employment law solicitor. Before the new law was passed, these workers had a very hard time reconstructing their lives after being wrongly fired by companies. Compensation for unfair dismissal claims was capped at around $110,000, which is a fraction of the income for many bankers in their 40s. This often meant financial ruin for many middle-aged bankers. The new laws change that. Companies now need to be extremely careful when “releasing” older workers, or risk multi-million-dollar payouts to disgruntled staff.

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