Delaying Retirement Could Add 28 Billion Euros Annually to German Economy

The Stepstone Group has projected that if German workers choose to delay their retirement, the labor market could benefit from an additional 570,000 workers annually from 2030 to 2035. This could lead to an economic boost of up to 28 billion euros each year.

A recent study found that approximately 39% of individuals aged 55 and older are interested in working beyond the retirement age. The main motivations include enjoyment of work, financial security, intellectual stimulation, and social interactions. On average, they wish to extend their careers by four years and work 24 hours per week.

Dr. Tobias Zimmermann from The Stepstone Group highlighted that encouraging older workers to continue working under the right conditions is crucial for counteracting potential labor shortages due to demographic changes. Among the desired conditions are flexible working hours, financial incentives, and options like part-time work or job sharing.