Friday 20 September 2019

More over-55s in work could boost GDP by €15bn

(Stock picture)
(Stock picture)

Ireland could boost its long-term GDP by as much as 5.4pc, or around €15bn, by increasing the employment rate among those aged over 55, according to a report from professional services firm PwC.

Currently, the employment rate for workers aged over 55 in Ireland is 60.1pc, with the country ranked 20th out of the 34 OECD countries in the PwC Golden Age Index.

By comparison, Sweden, which has an employment rate of 79.6pc among workers aged over 55, is ranked fourth in the table.

According to PwC, the near 40pc of people in Ireland aged over 55 that are not working are largely retired, rather than unemployed, and there is capacity for these people to give back to businesses through their experience and the intellectual property that they have gained.

Overall, the report found that OECD countries could add around two trillion dollars to their total GDP in the long-run if the employment rate for workers aged over 55 was equal to Sweden. The average percentage of people over 55 still working in the OECD countries is 62.9pc.

Irish Independent

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