Employment at retirement age has doubled
Even in retirement age, more people work than before. Employment here has doubled within ten years. Usually this serves to earn additional income.
ÄOlder people in Germany work much more often than they did ten years ago. In 2019, eight percent of men and women aged 65 and over were employed, as the Federal Statistical Office announced on Thursday. In 2009 it was only four percent. “In addition to the increasing retirement age, this development can also be traced back to the higher educational qualifications of those in work”, it was said to justify. Around every fourth highly qualified (26 percent) in the age group between 65 and 69 was still gainfully employed in 2019, compared with only 13 percent of the low-skilled. Since 2012, the retirement age has increased gradually from 65 to 67 years by 2031.
More than a third (38 percent) of those in employment aged 65 and over earned their living primarily from their professional activities. “For almost two thirds of the older workers, their job is more of an additional income,” the statisticians determined.
The self-employed and family workers in particular often work beyond the age of 65: at 37 percent, the proportion is more than three times as high as that of all employed persons (10 percent). “One reason for this may be that there is no compulsory pension insurance for the self-employed, so that many self-employed do not receive a statutory pension in old age,” it said. “In addition, there is no statutory retirement age as a psychological reference point.”
The increasing participation in the labor force in retirement is forecast not to prevent fewer people from being available in the labor market in the future. According to the Federal Office, there will be a decline in the number of economically active persons by 2060 by two to ten million, depending on the scenario. By 2030, the labor market in this country is likely to have only 42.6 million people available – one million fewer than in 2019. By 2060, the number could drop to around 38.5 million. The main reason for the decrease in the number of economically active persons is the dropping out of the baby boom cohorts of working age in the next 25 years.