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The pension does not come, young people are leaving... about 16% of people over 65 continue to work

2023-06-27 08:25:14Biznes SHKRUAR NGA REDAKSIA VOX
The pension does not come, young people are leaving... about 16% of people over
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The number of retirees who are reported as employed has increased over the past decade.

The low pensions, the spaces left empty by young people and especially some jobs in the agricultural sector are being filled by the retirement age population. The graph below shows that the population over 64 is growing rapidly, but on the other hand, the number of them continuing to work has also been increasing.

INSTAT reported that over 71,000 pensioners were employed in the first quarter, which constituted 15.6 percent of the total population over 65 years old. Compared to the first quarter of 2022, the number of employed pensioners increased by 17%.

While the population in the younger age groups is declining rapidly, there is an increase in the older age group. In January 2023, over 454,000 people were over 64 years old with a 3.4 percent increase compared to January 2022 and a 17% increase compared to January 2018.

More detailed data show that men of retirement age are engaged in work more than women, despite the fact that the latter live about 5 years longer than men.

At the end of 2022 INSTAT reported that 20% of men of retirement age were employed compared to retired women with only 6.4% in employment. Official figures show that retirees have higher employment rates in the second and third quarters of each year, which also coincides with the peak of the tourist and agricultural season.

The demographic transition is driving a higher participation of the population in the labor market.

In the first quarter of 2023, the labor force participation rate, for the population aged 15-64, is 75.7%, increasing by 3.7 percentage points higher compared to the same period a year ago , while compared to the previous quarter, it increased by 0.9 percentage points.

For women, the labor force participation rate is 69.5%, while for men this indicator is 82.2%. For men, the labor force participation rate is 12.7 percentage points higher than for women. Compared to the same quarter of 2022, the labor force participation rate for women has increased by 5.0 percentage points, while for men it has increased by 2.4 percentage points.

During the first quarter of 2023, the labor force participation rate for youth aged 15-29 is 58.0%.

This indicator has increased by 2.8 percentage points, compared to the first quarter of 2022, and by 1.2 percentage points compared to the fourth quarter of 2022. For the population aged 30-64, in the first quarter of 2023, the rate of participation in the labor force is 83.9%.


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