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FIAP > Boletín – Recientes > Pension Note No. 44 – Employabality of senior citizens: The case of FIAP countries in Latinamerica / April 2020

Pension Note No. 44 – Employabality of senior citizens: The case of FIAP countries in Latinamerica / April 2020

7 July, 2020
  • The aging trend is clearly evident in FIAP countries. According to CELADE data, the percentage of people aged 65 or older and the ratio of older people for every 100 young people have increased significantly in these countries since 1950, and these numbers are expected to continue to increase further by 2050 and 2100. The most pronounced aging will occur in Chile, Costa Rica and Uruguay, where the percentage of the population aged 65 and over will be almost a quarter of the total in 2050.

 

  • The labor participation data shows that the percentage of salaried employees drops continuously as they get older, with a substantial drop when passing from the 55-64 to the 65- or-more age bracket, whereas those who are employers or self-employed workers are increasing with age.

 

  • The OECD proposes three measures to address the problem: i) reward continuity of work and late retirement; ii) encourage employers to retain and hire older workers; and iii) promote the employability of workers throughout their working lives.

 

  • Several good practices regarding the employability of the elderly can be found in the international arena. An example is the “Tax Refund to Seniors Program,” which enables elderly residents to reduce their taxes by up to USD 1,500 per household by working for the city of Bolton (United Kingdom). Another example is the “Toyama Rakuno Gakuen”, an agency in Japan that helps the elderly start their own agricultural production and supports those who are already farmers through semi-annual courses and conferences.

Download the full Note here.

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