Dec. 8, 2017
In more and more countries, it seems like older people are putting their retirement plans on hold. A recent OECD report has highlighted a glaring disparity in employment rates among over 65s in different countries.
Asia has the highest rates of people working beyond 65 and in Indonesia, 50.6 percent of people in the 65-69 age bracket are employed. That figure is 45 percent in South Korea while in Japan, it’s 48 percent. Some European countries saw widespread protests when the retirement age was raised slightly but this is a much rarer phenomenon in Asia where much of the population supports increases in the mandatory retirement age. Reasons for that vary widely and may include everything from the obvious financial concerns to a desire to keep living a fit and active life.
New Zealand has no compulsory retirement age and 42.6 percent of people aged 65 to 69 are still working. In Australia, the rate is far less at 25.9 percent while in the United States, it’s 31 percent. In Europe where government decisions to extend the retirement age have proven extremely unpopular, far fewer older people are heading to work every morning. In the United Kingdom, 21 percent of 65-69 year-olds are still part of the workforce while in France and Spain, the rate is only 6.3 and 5.3 percent respectively.
*Click below to enlarge (charted by Statista)
This chart shows the employment rate for 65-69 year-olds in selected countries in 2016