Israel News

Israel Ranked Close to Top of PwC Golden Age Index in Elderly Employment

The Golden Age Index published by the PwC international firm of auditors has reported how seniors are contributing to the economy in 34 countries around the world. 

It mentions these impressive statistics about Israel:
Within a decade and a half, Israel’s golden age employment rate has jumped from 13th place to 4th among OCED countries in the percentage of seniors (over the age of 55) still working. Israel comes after Iceland, New Zealand and Sweden but heads the USA, Norway, Japan, Switzerland and Denmark.

The auditors explain that working seniors contribute significantly to the country’s economy, as well as work being good for the seniors themselves and increasing their lifespan. Countries that do not work to improve adult employment, lag significantly in their economic growth.

Other statistics about Israel:
* It showed the greatest upward jump, from 13th place in 2003 to 4th place in 2014 of all other countries.
* In 2003, only 50% of Israel’s seniors aged 55-64 were employed, while in 2014, the number was 65%.
* In 2003, only 18% of Israel’s seniors aged  65-69 were employed, while in 2014, the number was 37%.
* Those aged 55-64 earn more on average than those aged 35-54.
* The labor force exit age in Israel for men was 64 in 2003 and is now 67.

The index also claims that the employment of older workers does not crowd out youth employment at the economy-wide level, and good childcare policies also support women remaining in the workforce for longer.

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