June 10, 2023

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Those who retire later live better and longer lives | Melina Gabanelli

Do you want to live long and well? Don’t stop working! This is a bit brutal, but scientific studies show it Delaying retirement slows cognitive decline and allows you to escape social isolation. The most comprehensive research published in 2015 in the journal ┬źCDC Prevent Chronic DiseaseOn a sample of 83 thousand peopleWorkers over 65 have: three times more To be physically better than the inactive and 50% less chance of serious illnesssuch as cancer or heart disease. So, except for strenuous jobs, when you enter this age group it would be wise Think twice before you quit your job permanently.

Among the longest-lived peoples in the world

Looking at the numbers, we Italians are already fine like that: In 2023 the average life expectancy is 84.2 years (86.1 for women and 82.1 for men). Only among the big countries Japan It works better, but as we’ll see later, the differences are significant.

Retirement age and postponement of benefits

The 2011 Fornero Reform states that the standard retirement age is 67but thanks to different rules regarding early departures, the actual age remains between 62 and 63 (data Organization for Economic Co-operation and Development And Social Security Trails). the Civil servants Those who have due pension rights must leave a 65 years old And only some limited professional groups (judges, doctors, teachers) can postpone the age limit to 70 years oldthe. In the privateHowever, by agreement with the company, you can stay in business even 71 years old. Whoever decides to defer retirement must temporarily forgo the allowance but at the time of exit Will bring together a more substantial one Not only thanks to the increase in the years of contributions, but also because they are soaring Conversion factor which determines the amount of the check. For example, in 2023 The person who leaves work a 65 years old And it has accumulated 300 thousand euros From the contributions you will benefit from the transformation factor 5.352% and an annual pension of 16,056 euros. But if he retired, 70 years oldwith 350 thousand euros of contributions and the annual transformation law 6.395% He will have a retirement pension of 22,382 euros. a little more than 500 euros per month.

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Italian pensioners who continue to work

Unlike the self-employed, employees must compulsorily Termination of the employment relationship to obtain the pension. Once the first check is cashed, they can enter into a new contract, even with their previous employer. i am in Italy 444 thousand Italian retirees who continue to do activity (here the document). who are they , over 65 I am 383,600approximately half of it 70 years old. They do not burden the public finances even if they receive their pension because they continue to pay contributions. Those who choose “active aging” are usually men (78.4%), They live in the north (65%) and play a Independent work (86.3%). Rather, it is very low employee share (13.7%), one of the reasons is that the combination of income from work and pensions increases taxes, while self-employed people can apply the flat tax.

Over 65 years active in the world

In the past 10 years, the over 65+ active population in Italy has doubledgoing from 372,000 to 705,000 (the number includes those who actually receive their pensions and those who don’t), but they only represent 5.1%while the OECD average Born in 15%. The tallest and oldest-lived countries top the list Japan And South Korea which are used respectively 25.1% and the 34.9% Those over 65, both in relatively young countries such as United State And Australia with the 18.9% and the 14.7%. High proportions also in Northern Europe: Sweden (19.2%), Norway (15.2%), Finland (12.1%). Instead, the numbers are down France (3.4%), Spain (3.1%) and Greece (4.4%). On average in the European Union, the component of workers who have between is still high 65 and 69 years old (13.2%), and in most cases choose A part time job.

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Strategy in Japan, the United States and Sweden

Japan is the country with the largest number of people over the age of 65 in the world: on 30% of the population. retirement age He is 65 years oldHowever, since 2019, the government has called on large companies to retain employees up to the age of 70. second Research from 2022on 230 thousand companies with more than 21 employeesat least 25.6% I followed the recommendation. Overall, the state offers those over 65 who are postponing their exit from the labor market a 0.7% increase in their future pensions each month.. This means that those who delay saying goodbye to work for 5 years will see their check increase 42%. after me 70 years oldThe working pensioner will not pay contributions. In the US, the retirement age is 66, but those who want to stay on get an 8% annual pension increase.. In addition to federal lawAge discrimination in employment law┬╗Protects workers from discrimination on the basis of age. there Sweden It is one of the European countries that has already started opposing early retirement since the 1990s (In 2023 it can be ordered from 63 years old, in 2026 from 64 years old). There is no standard for retirement age, but most people choose to retire at it 65 years old. However, the Sweden It is too country in the European Union at the highest rate 70 years old (10.8%) and 75 years old (6.9%) are working. Over the years, the economic incentives and benefits have increased. For example: bus drivers who stay at work even 70 years old They have a salary increase and Free annual medical visits.

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Do they take jobs from young people?

Has it not always been said that in order to make room for youth it was necessary to retire workers early? Looking at the statistics, one might say the opposite: where is it The more people over the age of 65 are employed, the lower youth unemployment. For example in Japan And Korea travel around 4-8%In the United States of America stops at 7.5% while the top jobs are marginal, the percentage of unemployed youth is in double digits: 17% in France, 22% in Italy, 29% in Greece and Spain. Then there are the exceptions: at SwedenWhere the elderly are motivated for the longest period, exceeding youth unemployment 20%; or in Germanywhere employees over the age of 65 are just over 7%Only unemployed youth 5.7%. Evidence for the fact that there is no mechanism.

What is certain is that population aging will affect the labor market and welfare policies in the coming decades. So, given all the positive effects and protections for those who do hard work, there’s no reason not to keep people in work. Over 65 want in, offer smart work, part time and flexible hours, on permanent training and retrainingEspecially technology. While qualified professionals should be retained as long as possible, Precisely to impart that knowledge that only matures with experience which has been irretrievably lost instead.