Portugal ranks sixth globally for having the oldest workforce, according to recent data.
In 2023, Portugal found itself in the top six EU nations with the highest percentage of workers aged between 55 and 64 in employment, falling behind only Germany, Italy, Bulgaria, Latvia, and Lithuania. According to Jornal de Negócios' report based on the EU's tripartite agency Eurofound's research, most countries are gradually pushing their retirement ages higher, yet, extending working lives goes beyond legal modifications.
The data reveals that the proportion of workers aged 55 to 64 in the EU has escalated from 13.1% in 2010 to 19.8% in 2023. In Portugal, this figure stands at 20.5%, the sixth highest among the 27 Member States.
This shift can be attributed to the aging Portuguese population and the nation having the fifth-higighest legal retirement age, the highest effective retirement age for men (66.6 years), and the third-highest effective age for women (65.6 years).
The report sheds light on several crucial factors fueling this trend beyond legal measures. These include demographic changes and labor market needs, increased life expectancy and health, economic motivations, cultural and social factors, tighter labor markets, and the skills and experience older workers bring to the table.
Though specific data on Portugal is not readily available, it's reasonable to infer that Portugal, like other EU countries, grapples with aging populations and labor market needs. To address these challenges effectively, Portugal must tailor EU-wide policies to its local context.
Policy-makers must also ensure that the work environment caters to older workers' needs, focusing on job quality, flexibility, and combatting potential biases in hiring practices.
- In line with the trend across Europe, Portugal, with its fifth-highest legal retirement age and high proportion of older workers in employment, is also encountering issues related to an aging population and labor market needs.
- Considering the escalating focus on health and wellness in the context of an aging population, Portugal, as one of the top six EU nations with the highest percentage of workers aged between 55 and 64, could benefit from scientific research aimed at prolonging in good health and productivity into the later years of life.
