A special report of the National Commission for Manpower Policy, this working paper analyzes the demographic trends, labor-market experience, and special problems of older workers. Its chief purpose is to bring into focus the major policy choices involved in increasing the labor-market opportunities of older persons who are able and willing to work. Reviewing demographic data, including projections of labor-force participation, rates of occupational mobility, and indices of occupational concentration, the paper discloses that, although the position of older persons is improving, particularly with respect to education, physical condition, and financial status, a significant proportion encounter severe problems in the labor market. Older workers are concentrated in a limited number of industries and occupations where highly structured personnel policies, together with inter-group competition, make conditions more favorable for the hiring of younger workers. As a result, there is a growing interest among older persons in improving their employability and their employment opportunities. A number of tables are included. (Author/CS)