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Young people are emigrating, old people are working

Young people are emigrating, old people are working

In the last two years, youth unemployment has increased, but data from INSTAT surveys show that employment among people over 65 (pensioners) is increasing significantly in recent years.

In the last quarter of last year, 18% of people over 65 were employed, the highest level since the third quarter of 2022.

In 2023, the over-65 employment rate averaged 16.3%, up from about 14.8% in 2022 .

As can be seen from the graph below, the employment of pensioners began to increase after 2016, when the influx of asylum seekers in Europe began.

Then, employment growth in the third age began to strengthen after the pandemic, when emigration flows began to increase again, leaving gaps in the labor market.

On the one hand, the spaces left empty by young people in the labor market and on the other, low pensions, are pushing more and more retirees to work.

Post-retirement work is present in all sectors, even in the public sector.

In the regions of the country, many pensioners still work in the education, health, etc. sectors, because there are no young people to replace them.

In the same period, the labor market has become less attractive for  young people.

During the October-December period of 2023, according to data from the Labor Force Survey, over 253,500 people aged 15-29 were employed, or 21,000 less than in the same period of 2022.

Detailed data from INSTAT show that employment in this category fell by -7.7%.

With the exception of the July-September period, when tourism is at its peak, in the third three quarters, the number of employees in the 15-29 age group decreased.

The decline in employment among young people was accompanied by an unusual increase in the employment of pensioners (age group over 64). According to INSTAT, employment in this group had an annual expansion of almost 50% in the last quarter of 2023.

Nearly 82,000 people over 64 were at work in October-December 2023, from 54,500 in the same period of 2022.

The data show that more than 27,000 more pensioners were employed than in the last quarter of 2022.

There is a tendency in recent years that when the employment of young people falls, there are more employed among retirees.

The employment of young people is facing difficulties in recent years, reflecting the return of unemployment, even though the labor market has shown strong demand, especially after the pandemic./ Monitor

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