Goldman Sachs warns AI job losses cause lasting pay cuts
Business
Goldman Sachs is sounding the alarm: losing your job to AI isn't just a temporary setback.
Its new report, based on 40 years of data, shows that when technology such as AI replaces jobs, especially during rough economic times, people often face lasting pay cuts and slower career growth.
Many end up working lower-skilled jobs or spending more time unemployed.
Post-AI retraining lowers unemployment risk
But there's some good news.
The study found that people who retrain and pick up new skills after losing their jobs to AI actually see better results: a 2% point increase in wage growth and around 10% points lower unemployment risk.
So, while AI is changing the job scene fast, learning new things could help you stay ahead.