The ashes of the battle over retirement at 64 are barely extinguished, when economists are now arguing for raising the retirement age to 68. It is a question of demographics. With the exception of Africa, all regions of the world will see a slowdown in the growth of the working-age population. "In Europe, the situation is even more worrying, with the working-age population expected to decline by -0.6% per year on average by 2050," said Ana Boata, director of economic research at Allianz Trade. As a result, the population aged 20-64 in Europe is expected to decline from 439 to 370 million by 2050.
In a study on the subject, the German insurer calculates that a postponement of retirement to 68 would allow Europe to expand the working population by 6 million people, which would help maintain the growth of economic activity and, ultimately, the balance of pension systems. Today, only one in two Europeans aged 60 to 64 is still working. This is not to argue for a postponement of the legal retirement age, the subject of Emmanuel Macron's controversial reform. But, in countries where this is not the case, simply to allow those who wish to continue working to do so, and give them the conditions so that it is possible. In short, to fight against "agism" in the labor market, argues the study.
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Departure possible at age 70
However, if at 64 years old, the France retains one of the legal retirement ages among the youngest in Europe, it is theoretically possible to continue one's career until 70 years or more in France, at least in the private sector (the public sector has specific age limits). That is, a company cannot normally force an employee to retire before age 70. And if the employer agrees, you can even work beyond that age.
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Arbitrarily imposing a mandatory retirement age obscures two important factors: changes in life expectancy and different requirements for different occupations. In Singapore and Sweden, where older workers have the right to work until the age of 68 or 69, the labour market participation rate of older populations is particularly high," says Ana Boata.
In Germany, raising the retirement age to 67 is expected to add 2 million people aged 65 and 66 to the working-age population in 2050.
To achieve this goal, companies must make a considerable effort to retain their older employees, organise training to guarantee their skills or adjust working hours. Governments, for their part, should put in place incentives for employers to retain their older workforce.
