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1 dubois

  1. 1. Income from work after retirement: exploring policy lessons Symposium organised by Eurofound IFA conference 29 May 2012, Prague
  2. 2. Work after retirement: needs, interest & opportunities Outline: 1. Trend in paid work after retirement in the EU27 2. Why have retirees been taking-up work? 3. Who are these working retirees and what do they do? IFA conference symposium “Income from work after retirement: exploring policy lessons” 29 May 2012, Prague Hans Dubois Eurofound, Living Conditions & Quality of Life unitThis presentation is based on: Eurofound (2012, forthcoming) Income from work after retirement. Dublin: Eurofound.
  3. 3. 1. TREND IN PAID WORK AFTER RETIREMENT IN THE EU27 %-point increase employment rate 65-69 year olds 6 2005Q4 vs 2011Q4 4 2 0 Italy Spain Finland EU27 Belgium UK Netherlands Hungary Greece Estonia Poland Latvia Germany France Denmark Portugal Austria Sweden Ireland Bulgaria Slovakia Slovenia Czech Republic Cyprus Romania Lithuania -2 -4 -6 More than 1 out of 10 Europeans between -8 65-69 does paid work. Up from 8.9% (2005Q4) to 10.8% (2011Q4).-10
  4. 4. 2. WHY HAVE RETIREES BEEN TAKING-UP WORK? The drivers of work after retirement a) NeedStrength of each driver’s impact dependson individual & regional situations. c) Opportunities WORK? b) Interest
  5. 5. A) FINANCIAL NEED• Income  Lower than before retirement  Pensions are the principal source for most Europeans• Cost  Health, mortgages  Public cuts increased cost for most
  6. 6. • Longer run: adaptation of pension systems, increased employment among younger cohorts and increased productivity can contribute to solving inadequacy• More immediate: retirees have been taking up paid work• Not only because of financial need, but also because many want to work after the retirement age…
  7. 7. B) INTEREST33% wants to continue working after official retirementage, especially those closer to retirement 8 Source: Special Eurobarometer 378
  8. 8. In the EU27, around 1/5 works purely because offinancial needWould enjoy paid job, even if you don’t need the money** (2010) 14-54 55-64 65+Job Agree 47% 51% 64% Disagree 34% 33% 21%No job Agree 57% 47% 48% Disagree 25% 33% 33%
  9. 9. C) OPPORTUNITIES• Labour market  Sufficient jobs  Suitable jobs (e.g. skills mismatch)• Individual  Health  Caring commitments  Skills• Company/government/collective labour agreements (institutional structures)  Supporting services (public/private)  Age-adapted workplaces  No discrimination against older workers  Flexible work arrangements  Financial (fiscal, benefits) & legal arrangements• Society  Cultural: perceived to be ‘normal’/’acceptable’
  10. 10. 3. WHO ARE THESE WORKING RETIREES AND WHAT DO THEY DO? Who are they?% employed, EU27* 2006Q4 2011Q465-69 9.2 10.8 Mainly healthy, relatively young70-75 4.4 5.2 retirees% employed, EU27, 65-69 years* 2006Q4 2011Q4 Highly educated (& living in urban 15-64 65-69 15-64 65-69Pre-primary, primary areas) more likely to continueand lower secondary 48.4 8.4 44.6 8.5Upper- and post- working, but many lower educated assecondary non-tertiary 69.4 9.7 68.1 10.5Tertiary 83.2 19.0 81.8 18.1 well, and medium is the group which shows most growth% employed, EU27, 65-69 years* 2006Q4 2011Q4Female 6.6 8.0 Mainly maleMale 12.3 13.9 Sources: * Calculated from LFS data from Eurostat online database, ** Eurofound analysis of ESS data
  11. 11. What do they do? Most:• Self-employed  more likely self-employed continue working - not accumulate enough pension - work more enjoyable and more important role in life - succession issues  salaried more often become self-employed in retirement than vice versa - fulfil dream - most attractive working conditions - contractual formality, while effectively ‘salaried’ - no alternative• Part-time• Temporary• Often in agriculture/fishery, rarely in public administration Source: Calculated from LFS data from Eurostat online database
  12. 12. Clusters of working retirees
  13. 13. Thank you!Hans.Dubois@eurofound.europa.eu Dublin, Ireland

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