26th October 2016

Czech Statistical Office: Share of workers aged 70-74 with tertiary education 3rd highest in EU | PwC: Czech Republic could boost its GDP by 7% by increasing employment rates of people aged over 55

The number of older workers in management positions (mainly specialists) has been rising, the Czech Statistical Office data show, with 2 out of 5 of them being residents of Prague, the Czech capital city.  Between 1995 and 2014, the employement rate of workers aged 65+ reached 3.7%-5.3%. In 2015, the share of workers aged 65+ on the total Czech workforce was 2.1%, compared with EU28 average of 2.32%. The share of workers aged 70-74 with tertiary education is the 3rd highest in the EU. Read details, view infographic (in Czech).

The Czech government recently decided to set the labor force exit age at 65. Click here to view labor force exit age in other EU countries. According to the Czech Statistical Office, life expectancy for Czech women is 81.7 years, 75.8 for men (2014 data), compared with 50 and 47 years, respectively, in 1920. In some EU countries, labor force exit age forecast for 2050 is 70+, Dotyk.cz wrote (in Czech). 

PwC's Golden Age Index: How well are OECD countries harnessing the power of their older workers? is a weighted average of seven indicators that reflect the labour market impact of workers aged over 55 in 34 OECD countries, including employment, earnings and training. The Czech Republic ranks 18th, improving steadily.

The Czech Republic could potentially boost its GDP by around 7% (14billion USD) by increasing the employment rates of people aged over 55. According to the report, the biggest potential impact on GDP comes via the 55-64 year old age group. The incidence of part-time work in the Czech Republic has fallen, although it could suit some older workers. Labor force exit age have increased in the vast majority of countries from 2003, including in the Czech Republic, but with notable falls in Mexico, Ireland, Denmark and Greece. Korea’s exit age has increased by 4.7 years since 2003. Read more.

Click also on Social Progress Index: Prague Tops Czech Regions in Terms of Well-being. The Index is developed by the Social Progress Imperative and Deloitte.

Members of the American Chamber of Commerce in the Czech Republic