One of the key megatrends affecting all developed countries is an ageing population. Harnessing the potential of older workers will therefore become an increasingly important source of competitive advantage for both nations and businesses.
To explore how the OECD economies compare with each other in this regard, PwC has developed a new ‘Golden Age index’ comparing how well they are utilising workers aged 55 and over. The index includes relative employment, earnings and training rates for older workers for 34 OECD countries over the period since 2003.
Key findings include:
- Most OECD countries’ employment rate has risen over time, so our relative index performance remains middling (19th out of 34)
- If e.g. the UK could boost its employment rate for 55-69 year olds to match that of Sweden, the best performing EU country, this could boost annual UK GDP by around £100 billion (5.4%).
- The top five countries in the index are Iceland, New Zealand, Sweden, Israel and Norway, with Chile a fast riser since 2003 in 6th place. Switzerland is on place 11.
- The US, South Korea, Japan and Estonia round out the top 10 on the index.