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Aging workforce on the horizon: One-third of active labor force approaching retirement

Retirement woes for baby boomers: One-third of the working force disappears

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Increment in retirements among baby boomers leads to reduction of nearly a third in the active...
Increment in retirements among baby boomers leads to reduction of nearly a third in the active labor force

Retired Baby Boomers Exiting the Workforce: A Third of the Labor Force Disappearing - Aging workforce on the horizon: One-third of active labor force approaching retirement

In Germany, a significant portion of the Baby Boomer generation, estimated at 15.3 million individuals born between 1957 and 1968, have been making their mark in the workforce. This generation, born roughly between the mid-1950s and the late 1960s, saw a surge in birth rates, with 1964 being the strongest year, welcoming 1.36 million babies.

Among this generation, approximately 3.4 million were born in the former East Germany. Despite the passage of time, the employment rate of older people has seen a notable increase over the past ten years. In 2024, the employment of Baby Boomers (aged 55 to 64) was higher than that of people up to 54 years old. The total number of employed people in this age group stood at 10.0 million.

The largest number of employed Baby Boomers were the younger ones aged 55 to 59, with 5.6 million. By contrast, those aged 60 to 64 still numbered 4.4 million in employment in 2024.

The Federal Statistical Office attributes the early retirement of many Baby Boomers to various factors. These include health restrictions, insurance-related peculiarities, early retirement offers from companies, and the desire for more leisure time. It is worth noting that these early retirement provisions were primarily instituted as part of state social policy frameworks, with government social security and pension systems, such as the statutory pension insurance in Germany, playing a significant role.

Interestingly, Germany experienced above-average birth rates during the Baby Boomer period. While no new facts about children, East Germany, or Wiesbaden were provided in this context, the employment trend among Baby Boomers remains a topic of ongoing interest. The employment rate of older people has been on the rise, and the Baby Boomer generation continues to make a valuable contribution to the workforce.

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