THE IMPLICATIONS OF DEMOGRAPHIC AGEING ON THE LABOR MARKET
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Authors:
• Brînduşa Mihaela RADU, email: bmradu@yahoo.com, Afiliation: Athenaeum University, Bucharest, Romania; Institute for Economic Forecasting, Romanian AcademyPages:
• 29|36 -
Keywords: demographic aging, labor market, population
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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. This phenomenon has affected most countries, especially the economically developed ones, having multiple implications at 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 European documents, measures are proposed to increase the legal and de facto retirement age, as well as to increase the employment rate of the older adult population (50–65 years). Currently, within 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 aims to examine the implications of the demographic aging phenomenon on the labor market in the near future.
