The want to stay productive or monetary wants are the primary the reason why Europeans proceed to work even after receiving their outdated age pension.
In 2023, 13% of individuals within the EU continued to work within the six months after receiving their first outdated age pension.
Among these, about half stored their earlier jobs, whereas the opposite half made adjustments, similar to altering jobs or lowering working hours.
The information was compiled within the newest Member State information from Eurostat’s Labor Force Survey (EU-LFS).
“It might look like a low quantity, however the retirement age has elevated by a few years in lots of EU nations,” mentioned Jelle Lossbroek, labor market researcher on the Dutch Interdisciplinary Demographic Institute (Nidi).
The Baltic nations have the best proportion of retired employees.
Estonia reached 54%, adopted by Latvia at 44.2% and Lithuania at 43.7%, whereas the bottom shares have been recorded in Romania with 1.7%, Greece with 4.2 % and Spain with 4.9%.
Nearly two-thirds of people that continued to work mentioned they loved their work and have been productive, or did so out of economic necessity.
The want to keep up social integration (11.2%) and the monetary attractiveness of the job (9.1%) have been additionally talked about as causes for persevering with to work.
Denmark, the Netherlands and Italy have the best proportion of people that continued working as a result of they preferred it.
On the opposite hand, monetary want was the primary motive for persevering with to work in Cyprus, Romania and Bulgaria, with 68.6%, 54.3% and 53.6% respectively.
“Countries like Luxembourg and the Netherlands have very beneficiant public pensions, even contemplating the excessive price of residing, whereas Eastern or Southern European nations typically base their pension programs closely on the wage individuals had previously,” he mentioned. Lossbroek acknowledged.
“So in nations just like the Netherlands, poverty ranges immediately fall when individuals attain retirement age as a result of they get a good revenue no matter their earlier scenario. This would not occur in southern or jap nations.”
The transition from the labor market to retirement sometimes begins when individuals attain age 50, with most people leaving the labor market earlier than age 70.
