Retirement Commission not surprised about stats considering supports to keep older people at work
New Zealand logged the fourth-highest increase in the length if time citizens stay in the workforce, according to a new analysis.
Looking at data from the Organisation for Economic Cooperation and Development (OECD), AgeCalculator.com uncovered a 10% increase in the number of years that New Zealanders are staying in paid work, Radio New Zealand reported.
On average, employees in New Zealand remain at work until they're 67 years old in 2020, up from the 61 in 2000, according to the report.
Retirement Commission policy lead Michelle Reyers said New Zealand's ranking was not a surprise, as there are a "number of policies" in the country encouraging older workers to continue working.
"There are a whole lot of things going on in the background that are actually encouraging ongoing participation in the workforce for older workers in New Zealand," Reyers told RNZ.
This includes employers being encouraged to improve workplace flexibility for older staff, she added.
According to Reyers, New Zealand's policies are giving older people flexibility and the choice to decide when they plan to leave the workforce.
"And because New Zealand Super is not mean tested, there's no disincentive to continue work beyond age 65," she said. "So, all of these things are playing a bit of a role when you do comparisons with other countries."
Rising retirement ages
New Zealand ranked fourth among OECD countries analysed in the report. The list was topped by Bulgaria, which had a 13.26% increase, with retirement ages going up to 63 in 2020 from 56 in 2000.
Coming in second is Estonia and then Latvia, with the top three countries coming from Europe, Euro News reported.
A spokesperson from AgeCalculator.com said the trend of retirement age increasing across many nations reflects a "complex interplay of various factors."
"Some of these include the extension of people's life expectancy, which has increased, thanks to medical advancements, economic pressures that translate into people not being able to retire comfortably because of the rising cost of living and shifting demographics, such as declining birth rates and aging populations," the spokesperson said as quoted by Euro News.
