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Demographic Aging Of The Population €“ Implications On The Labor Market

Author

Listed:
  • Brindusa Mihaela RADU

    (Athenaeum University, Bucharest, Romania)

  • Mariana BALAN

    (Institute for Economic Forecasting – NIER, Romanian Academy)

Abstract

One of the profound social and demographic challenges of contemporary society is the demographic aging of the population - an objective process resulting from the increase in life expectancy at birth and the reduction of fertility rates. This phenomenon covered most countries, especially the economically developed ones, having multiple implications on the economic, social, political, and cultural levels. Europe has the highest rate of demographic aging compared to other continents, and is considered to have already reached a critical stage. In the European documents, measures are provided to increase the legal and de facto retirement age and to increase the employment rate of the older adult population (50-65 years). Currently, at the level of the European Union, the median age is 43.1 years, but according to the latest estimates made by Eurostat, in 2050 the average age of Union citizens will be 49 years. This work wants to surprise what will be the implications of the demographic aging phenomenon on the labor market in the near future.

Suggested Citation

  • Brindusa Mihaela RADU & Mariana BALAN, 2023. "Demographic Aging Of The Population €“ Implications On The Labor Market," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 68(2), pages 9-16, September.
    • Handle: RePEc:ath:journl:v:68:y:2023:i:2:p:9-16
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    References listed on IDEAS

    as
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    2. Galasso, Vincenzo & Profeta, Paola, 2002. "The political economy of social security: a survey," European Journal of Political Economy, Elsevier, vol. 18(1), pages 1-29, March.
    3. Corneo, Giacomo & Marquardt, Marko, 2000. "Public pensions, unemployment insurance, and growth," Journal of Public Economics, Elsevier, vol. 75(2), pages 293-311, February.
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    More about this item

    Keywords

    demographic aging; labor market; population;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J1 - Labor and Demographic Economics - - Demographic Economics
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
    • J19 - Labor and Demographic Economics - - Demographic Economics - - - Other
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure

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