Wanting to remain productive or monetary necessity are the principle causes Europeans preserve working even after receiving old-age pension.
13% of individuals within the EU in 2023 continued working throughout the six months following the receipt of their first old-age pension.
Amongst them, about half maintained their earlier employment, whereas the opposite half made changes, resembling switching jobs or decreasing their working hours.
The info was compiled within the newest member state figures of the Labour Power Survey (EU-LFS) by Eurostat.
“It could appear a low quantity, however retirement ages have elevated by a number of years in lots of EU international locations,” stated Jelle Lossbroek, a labour market researcher on the Netherlands Interdisciplinary Demographic Institute (Nidi).
The Baltic international locations had the very best share of post-retirement employees.
Estonia was as excessive as 54%, adopted by Latvia at 44.2% and Lithuania at 43.7%, whereas the bottom shares have been registered in Romania at 1.7%, Greece at 4.2% and Spain at 4.9%.
Almost two-thirds of people that continued working both said that they loved their work and being productive, or did so on account of monetary necessity.
The need to keep up social integration (11.2%) and the monetary attractiveness of labor (9.1%) have been additionally talked about as causes for persevering with to work.
Denmark, the Netherlands and Italy had the very best proportion of people that continued working as a result of they loved it.
However, monetary necessity was the principle cause for persevering with to work in Cyprus, Romania and Bulgaria, with 68.6%, 54.3% and 53.6% respectively.
“Nations like Luxembourg and the Netherlands have very beneficiant public pensions, even contemplating the excessive value of residing, whereas international locations in Japanese or Southern Europe typically base their pension programs strongly on the wage that folks used to have,” stated Lossbroek.
“So in international locations just like the Netherlands, poverty ranges abruptly drop when folks attain retirement age as a result of they get an honest earnings whatever the earlier state of affairs. This doesn’t occur in Southern or Japanese international locations.”
The transition from the labour market to retirement usually begins when folks attain their late 50s, with nearly all of people leaving the labour market earlier than the age of 70.
