Employment of older people and retirement security in OECD countries
Employment of older people and retirement security in OECD countries

Summary/Abstract: In the economic history of the world, when people stopped working because of their old age, itwas understood that working was impossible due to an illness and not due to age itself. Thereare no rational arguments justifying the welfare state’s fi nancing pensions of those who are ableand willing to work. Nowadays, the aging of societies and growing life expectancy occurring innumerous developed countries are accompanied by the decreasing effi ciency of pension systems.Various actions are undertaken aimed at improving this situation, including raising the statutoryretirement age and professionally activating the elderly. However, despite these actions, the averageemployment rate among older workers in the OECD in 2021 was as low as 72% in the age group55–64, 50% in the age group 60–64, and only 23% among people aged 65–69.The objective of the article is to engage in a discourse on the factors infl uencing sustainedparticipation in professional work by older individuals, particularly in scenarios when they haveattained the statutory retirement age. It seeks to address the question of whether and to what degreethe employment rate of older workers correlates with fundamental variables that indicate the levelof pension security. The analysis will utilize correlation coeffi cients and a linear regression modelapplied to OECD statistical data.Conducted studies indicate that signifi cant factors associated with the social security system,determining the professional employment of older individuals, include net pension wealth, lifeexpectancy, old-age dependency ratio, and formal long-term care workers.

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