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Significant increase: Number of workers over 65 has almost doubled in a decade
More and more workers are delaying their retirement due to economic instability and rising inflation. This is a pattern that will likely intensify in the coming years.
Over the period 2012-2022, there has been an 88% increase in the number of people aged 65 and older who have stayed in their jobs. This group represents less than 5% of the total number of people employed in the country, but it had the largest increase in relative numbers. Currently, there is a trend toward voluntarily delaying the retirement age for financial reasons.
Data provided by the National Institute of Statistics (INE) indicates that over the last decade the growth of the employed population reached a historic peak of 4.9 million in 2022. This was driven by the increase in the number of workers above the age of 35, especially in the more advanced age brackets, between 55 and 64, and above 65. Thus, both groups saw a growth of 80.4% and 88%, respectively, in the number of employed workers between 2012 and 2022.
Since 2011, there has been a decrease in the presence of workers over 65 in the national labor market, reaching the lowest point in 2014. In 2015 through the end of 2022, there has been a 79% increase in the number of employed senior workers, with 30% of that increase occurring since the start of the pandemic.
There are several reasons that may explain this change, including the environment of instability and economic uncertainty experienced in recent years due to the pandemic, the war in Ukraine, and rising inflation. These factors have led many professionals to postpone applying for retirement.
Thus, it is important to be aware that the number of new pensions granted has decreased in recent years. While it is necessary to consider the impact of the legislative changes implemented since 2012, it is certain that the loss of income resulting from retirement has led many professionals to postpone their decision.
With the decrease in the value of pensions, there is an increasing tendency for people to work longer. The average value of the pension in the general system was 508.63 euros per month in December 2021, before the rise in inflation.