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Aging population, flight of young people, we are among the countries with the highest employment rate for people over 65 years old

2024-09-07 12:43:09Biznes SHKRUAR NGA REDAKSIA VOX

Aging population, flight of young people, we are among the countries with the

Demographic changes play a very important role in shaping the workforce of any nation. As is well known, when a population ages and birth rates change, the labor supply also undergoes transformations based on the age of the workforce. But what are the trends of the employment rate in the country and Europe based on the element of age?

Various data show that at the global level the aging of the population has become more and more evident. From the data analyzed earlier by "Scan Intel", in 2023, the age group of 60 years and over occupies 23.5% of the total population in Albania, from the 12% it occupied in 2003. The figures show that over a period of 20 years, the weight that the share of the population over 60 has been constantly increasing.

On the other hand, based on the "Eurostat" data for our country, we see that the dependence on the elderly is growing at a fast pace. In 2002 the dependency rate was 12.3%, while in 2023 this indicator is recorded at 24.4%.

When we talk about this indicator, we must take into account what this causes at the economic level. An ever-increasing dependency ratio leads to difficulties in pension funds and disruption of the contributor-beneficiary balance and also affects the retirement age.

When will we stop working?

Of course, even in this case, the figures give an answer based on employment indicators.

According to INSTAT data, the employment rate for people of retirement age is estimated at 16.3% in 2023. Since 2010, for which the "Institute of Statistics" has the latest data, we see that this indicator has increased significantly.

Let's analyze this indicator by gender and level of education. The figures indicate that the employment rate is higher for those seniors who have secondary education, with 17.6%. Meanwhile, for people with 8/9 years of education and those with higher education, this indicator is recorded at 15.9% and 15.7%, respectively.

On the other hand, referring to indicators by gender, we see that the highest employment rate is observed among men with 22.4%, while for women this rate is 10.5%

What do the numbers say compared to the countries of Europe or the Balkans?

"Scan Intel" has analyzed the employment rate of elderly people of retirement age in European countries, from which it appears that Albania ranks among the countries with the highest rate, after Iceland and Estonia. The average of the European Union for this indicator is 6.4%, while for Serbia the number of employees over 65 years old is 9%. Romania and Belgium are the countries that rank at the bottom of the chart with the lowest rate.

We emphasize that this increase in the rate of employees over 65 comes at a time when unemployment among young people is increasing. If we make a simple calculation of the official figures from INSTAT, we see that in the past year, about 21 thousand people in the age group of 15-29 left the labor market.

But why this high and above all increasing rate? It may come as a result of not meeting the needs of pensioners only from the pension, but we can also mention the self-employed of this age group in the agricultural sector. Another reason could be the lack of manpower in specific sectors where many people continue to work even after they retire.


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