In Peru the labor participation rate of older adults is 48.5%

In Latin America there are 50 million people over the age of 65 and one in three has to continue working because they lack an adequate health system, much less a pension to survive. It is estimated that by 2065 this population will reach 200 million, according to figures from the Economic Commission for Latin America and the Caribbean (ECLAC).

In the case of Peru, the labor participation rate of older adults is 48.5%, while in Bolivia it is 56%.

But there is work and work. In other countries, these workers, who could be considered “at risk”, are essential due to their vast experience. There are those who consider that they have great potential. And the notion that beyond a certain age they are no longer productive, that they cannot contribute to society, is absurd.

Some evidence shows that employers are beginning to reflect on how they can better include workers over 65 and help them be more successful in their jobs.

Older workers appreciate their younger colleagues for their technological skills, creativity and fresh perspectives. Likewise, younger employees value older workers for their wisdom and experience in the workplace.

According to the figures, there is a huge disparity in the participation of people over 65 years of age in the labor force in OECD countries. Japan, which has the oldest population in the world, has 13% of people over 65 years of age working actively.

In the case of Latin American countries, Chile, the percentage ranges from 15%. In Mexico, almost 55% of older adults work in the informal sector.

On the other side of the world, there is a large disparity in the participation of those over 65 in the labor force. According to official OECD data, Japan and Korea are the countries of that organization with the highest rates, since older adults make up between 13% and 14% of the workforce. In contrast, in Europe, where societies are increasingly aging, there are fewer and fewer people working over 65 years of age. In the United Kingdom they make up 3.8% of the workforce and only 1.3% in Spain. This is despite the fact that in both countries, as is the case with most developed countries, the retirement age is being increased to 66 years and to 67 before the end of the decade.

In the United States the percentage is 6.6%. Influence is that older citizens rely more on personal pension accounts and low-wage jobs have few retirement benefits.