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FIAP > Boletín – Otras Publicaciones > Employment Situation in Latin America and the Caribbean. Labour market participation of older persons: needs and options – ECLAC/ILO – May 2018

Employment Situation in Latin America and the Caribbean. Labour market participation of older persons: needs and options – ECLAC/ILO – May 2018

15 June, 2018

Edition No. 18 of this report emphasizes the fact that the percentage of people aged 60 and over in the labor force will increase from 7.5% to 15.0% between 2015 and 2050. Population aging, and to a lesser extent a moderate increase in the labor participation of senior citizens, would contribute to this. According to the report, on average 58% of men between 65 and 69, and 52% of men aged 70 or more in the region still do not receive a pension from a contributory system, with even higher rates for women. This situation forces many senior citizens to work (the overall employment rate in the region for people aged 60 and over is 35%). This proportion is still high in cohorts that have already passed the official retirement age: 39% in the 65 to 69 cohort and 20% in the 70 or more cohort. The report concludes that: (i) The coverage of the pension systems must be expanded and supplemented with non-contributory pensions, in order to ease the pressure on the elderly, which forces them to continue working, usually in low productivity jobs; (ii) Given the accelerated aging process in many Latin American countries, the conditions and financing of inclusive and sustainable pension systems must be examined; (iii) It is essential to apply policies that guarantee adequate working conditions for senior citizens who prefer to continue working beyond retirement age, without infringing the rights acquired throughout their working lives and under flexible working conditions, such as, for example, part-time work.

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