Big differences in older worker labour supply

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Effective retirement ages

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Women’s Retirement Age in different Countries

@BernieSanders has the type of friends that make you prefer your enemies

The economist costing the economic plan of a 74-year-old candidate forgot there is an ageing society in his labour force participation rate projections.

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Source: Gerald Frieldman (2016).

Expected years in retirement by gender in the G7 countries, Australia and New Zealand

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Source: OECD Pensions at a Glance 2015.

Effective labour market exit age by gender in the G7 countries, Australia and New Zealand

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Source: OECD Pensions at a Glance 2015.

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New Zealand male labour force participation, ages 50 to 74, 5 year age bands, 1986 – 2014

Older workers in the past was defined by a drop-off in labour force participation at the age of 55 such as there was in the 1990s. Not only that is no more, New Zealand workers aged 60 to 64 participate in the labour force to the same extent as workers in their 50s, more or less.

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Source: OECD Stat.

Workers aged 65 to 69 and aged 70 to 74 also rapidly increased their labour force participation. Nonetheless, in New Zealand they still get an old age pension in these age brackets without an income test or an asset test.

Female labour force participation rate, workers aged 65 to 69, US, UK, Australia and New Zealand since 1960

The phased increase in the eligibility age for the New Zealand old pension from 60 to 65 from the mid-1990s obviously carried through to the labour force participation of women over 65 as well.

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Data extracted on 05 Feb 2016 05:13 UTC (GMT) from OECD.Stat.

Female labour force participation rate, workers aged 60 to 64, USA, UK, Australia and New Zealand since 1960

The increase in the eligibility age from the age of 60 to the age of 65 for the old age pension in New Zealand clearly sparked an explosion in female labour force participation between these ages.

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Data extracted on 05 Feb 2016 04:49 UTC (GMT) from OECD.Stat.

Income sources of older people in USA, Canada, France, Germany, Australia and New Zealand

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Source: Pensions at a glance 2015 – © OECD 2015

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