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Extending People’s Working Lives Could Increase OECD GDP in Long Run

Extending People’s Working Lives Could Increase OECD GDP in Long Run

Extending people’s working lives to reflect the ageing of their populations could release massive untapped value for their economies to the tune of US$3.5 trillion across the OECD as a whole in the long run, according to PwC’s Golden Age Index.

PwC’s Golden Age Index benchmarks, ranks and analyses the performance of OECD countries in fostering older people’s participation in the workforce through employment and training data.

According to the organisation’s latest report, Iceland, New Zealand and Israel are the leaders in boosting employment rates among older workers, setting a model for others to follow.

Increasing the over-55 employment rate to New Zealand levels could deliver a long-run economic boost worth around US$815 billion in the US, US$406 billion in France and US$123 billion in Japan.

Indicatively, current employment rates for workers aged 55-64 vary dramatically across the OECD, from 84% in Iceland and 78% in New Zealand to 38% in Greece and 34% in Turkey.

As noted in the Index, the top-performing countries, tend to share a number of characteristics, including a labour market that supports flexible working and the implementation of reforms targeted at older workers, such as redesigning jobs to meet physical needs. Successful policy measures include increasing the retirement age, supporting flexible working, improving the flexibility of pensions, and providing further training and support help older workers become ‘digital adopters’.

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