DEMOGRAPHIC AGING OF THE POPULATION – IMPLICATIONS ON THE LABOR MARKET

Brindusa Radu and Mariana Balan ()
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Mariana Balan: Institute for Economic Forecasting – NIER, Romanian Academy

Internal Auditing and Risk Management, 2023, vol. 68, issue 2, 9-16

Abstract: One of the profound social and demographic challenges of contemporary society is the demographic aging of the population - an objective process resulting from the increase in life expectancy at birth and the reduction of fertility rates. This phenomenon covered most countries, especially the economically developed ones, having multiple implications on the economic, social, political, and cultural levels. Europe has the highest rate of demographic aging compared to other continents, and is considered to have already reached a critical stage. In the European documents, measures are provided to increase the legal and de facto retirement age and to increase the employment rate of the older adult population (50-65 years). Currently, at the level of the European Union, the median age is 43.1 years, but according to the latest estimates made by Eurostat, in 2050 the average age of Union citizens will be 49 years. This work wants to surprise what will be the implications of the demographic aging phenomenon on the labor market in the near future.

Keywords: demographic aging; labor market; population (search for similar items in EconPapers)
JEL-codes: E24 J1 J18 J19 J21 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ath:journl:v:68:y:2023:i:2:p:9-16

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