Why Ageism Matters Globally
Ageism reduces engagement and innovation, resulting in lost potential and widening skills gaps.
Countries with aging populations face increased healthcare costs, and excluding older workers could exacerbate economic strains.
In 2023, nearly 20% of Americans aged 65 and older were employed. In the UK, the number of workers aged 65 and over has seen significant growth. As of 2022, there were approximately 1.47 million people aged 65 and over in employment, marking a record high. This increase was largely driven by part-time work, with many older employees choosing to remain in the workforce for longer.
Regarding retirement, the UK no longer has a fixed state retirement age. However, the state pension age is currently 66for both men and women and is set to rise to 67 by 2028 for those born on or after April 1960. The state pension age may eventually increase to 68 between 2044 and 2046.
In 2023, approximately 19.8% of Canadians aged 65 and older were still active in the workforce, a trend reflecting both economic necessity and personal choice. This shift is largely driven by longer life expectancy, increased educational attainment among seniors, and evolving perceptions of retirement. The aging population and the desire to stay active professionally have contributed to more seniors remaining employed beyond the traditional retirement age.
Singapore: By 2030, 25% of Singaporeans will be aged 65 and older, significantly increasing the representation of older employees in the workforce.
Ireland: As of 2022, the employment rate for older workers (ages 55-64) stood at around 66%, indicating a growing participation of older individuals in the labor force.
India: With an aging population, India has witnessed an increase in workers aged 60+ remaining employed, particularly in informal sectors.
Botswana: An emerging economy with an aging workforce that plays a crucial role in sectors like education and agriculture.
New Zealand: Ranked second in older worker participation, with 78% of workers aged 55-64 employed.
South Africa: Senior workers (55+) play a vital role in industries like education and health, with increasing retirement age being a policy priority.
Pakistan: A slower increase in older workforce participation, but key sectors like agriculture still depend heavily on older workers.
Key Considerations
Prevalence of Ageism: Biases against older workers hinder productivity and reduce workforce diversity.
Legal Risks: Ignoring ageism can result in legal repercussions, as age-based discrimination lawsuits become more frequent.
Actionable Insight:
By addressing ageism, businesses can tap into the vast potential of their aging workforce, which could boost overall productivity and innovation.
- Take our course, Understanding and Combating Ageism: Leveraging the Experience of an Aging Workforce Across the Globe
- Subscribe to my newsletter, Life Skills for Leadership, for more information about burnout prevention, mental health resilience, emotional intelligence, and work-life balance.