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Retirement was once seen as the ultimate reward after decades of hard work. But this seemingly natural part of human life is undergoing a profound transformation. Across the globe, an increasing number of retirees are opting to return to the workforce, a trend popularly known as the "Great Unretirement." Driven by various factors, this movement is reshaping the traditional narrative of retirement as a time of rest and leisure.
Recently, the business corporate entity known as Preply conducted a study of the world’s 45 wealthiest nations. By analyzing their welfare, economic, and demographic data, Preply was able to determine which countries are the least and most friendly for retirees. Curious? Click through this gallery to see which countries made the top (and bottom) of the list.
Ever since the COVID-19 health crisis spread across the globe and resulted in a tumultuous job market, many retirees (most often over the age of 50) have come out of the woodwork to reclaim jobs on the market.
Rising living costs, inflation, and insufficient retirement savings are significant drivers of the Great Unretirement. Many retirees return to work to maintain financial stability, especially as pensions and savings struggle to keep up with evolving economic demands.
Countries with aging populations face labor shortages, which prompts many employers to tap into the skills and experience of retirees. Governments and businesses encourage unretirement through flexible work arrangements and incentives to bridge gaps in critical industries.
Advances in health care and longer life expectancies have also made older adults healthier and more capable of contributing to the workforce. Many retirees view returning to work as a way to stay active and engaged during extended lifespans.
Traditional views of retirement as a time of inactivity have been drastically challenged as a result of cultural shifts around the world. Many retirees pursue part-time or flexible work opportunities for personal fulfillment, social interaction, and mental stimulation, finding purpose and identity beyond leisure.
All of these factors can contribute massively to a retiree’s desire to return to the work force, and there are some nations where this can be seen in extremity. So, which countries have the highest likelihood of retirees returning to work? Let’s take a look!
Unretirement in Luxembourg is influenced by its high cost of living and attractive financial incentives for continued work. The country’s aging population also pushes retirees to reenter the workforce to fill labor gaps in specialized sectors.
Germany faces unretirement due to its skilled labor shortage, longer life expectancy, and rising retirement age. Many retirees return to work part time, driven by economic necessity or the desire to stay active and socially engaged.
Iceland’s small population and inclusive labor market encourage retirees to remain in or reenter work. A culture valuing productivity and purpose contributes to unretirement, alongside financial considerations and the need for experienced workers in key industries.
In Austria, unretirement is linked to pension reforms and a growing demand for experienced labor. Many retirees seek part-time opportunities for financial reasons or even simply personal fulfillment.
Unretirement in Japan is largely the result of the country’s rapidly aging society and severe labor shortages. Government initiatives and corporate strategies have also begun promoting reemployment of older workers.
New Zealand’s unretirement trend stems from rising living costs and the appeal of flexible work arrangements. Many retirees pursue part-time roles for income and social interaction, supported by the country’s inclusive employment policies.
In Saudi Arabia, unretirement is driven by economic diversification and increased demand for experienced professionals. Older workers are encouraged to continue contributing to align with the nation’s Vision 2030 development goals, which aim to reduce the country’s dependence on oil.
Ireland’s unretirement wave results from pension inadequacies and the country’s economic unfavorability towards retirement. The nation also ranks among those with the worst welfare systems.
Italy sees unretirement due to economic challenges, a rising retirement age, and gaps in pension security.
Poland is the worst country to experience unretirement, as retirees reenter work to address financial constraints and to contribute amid a shrinking workforce. The country’s economic position for retirement has also degraded over time.
Interestingly, the United States doesn’t feature in the top 10, but can instead be found in place #17. Experts believe that the rising cost of living in the country and lackluster pension plans will drive more retirees to seek out employment in the coming years.
The country with the least supportive economy for retirement is Israel. Not only does it rank as the nation with the sixth highest cost of living, but Israel’s financial hardships are slowly pushing pensioners back into the labor market.
But aside from the low rankings of these countries, there are some nations where returning to work after retirement is barely conceivable. Click through the rest of the gallery to see in which countries retirees are least likely to go back to work in.
Retirees in the Czech Republic rarely return to work due to strong pension systems and relatively low living costs. Cultural norms also emphasize retirement as a time for relaxation and family, which reduces the incentive to seek employment.
Croatian retirees are unlikely to return to work because of limited job opportunities for older workers and a generous state pension. However, the number of retirees returning to the job market has been growing in recent years.
Malta's retirees tend to remain out of work due to robust pension schemes, which includes the Malta Retirement Programme (MRP). The island's small economy also offers few opportunities tailored to older workers.
Australia boasts one of the world’s best national welfare programs, which is why retirees are less likely to return to work. Tax disincentives in the country and a cultural expectation of enjoying retirement contribute to this trend.
Despite an aging population, South Korean retirees often remain out of the workforce due to limited age-friendly job opportunities and reliance on familial support. Cultural attitudes toward aging emphasize rest over continued labor.
In Brunei, retirees benefit from a generous state welfare system and familial financial support, reducing the need to work post-retirement. The cultural preference for resting in old age also discourages unretirement.
The Kingdom of Bahrain’s strong pension programs and social welfare systems ensure retirees face little financial pressure to return to work. The country has enforced many regulations in the public and private sectors to enhance the livelihoods of those who have retired.
Dutch retirees rarely reenter the workforce due to well-funded pensions and extensive social safety nets. Flexible retirement schemes and above-average health care make unretirement unnecessary for most individuals.
Finland's comprehensive welfare system and generous pensions enable retirees to maintain their quality of life without working. But recent years have seen a rise in the number of retirees seeking employment.
It is perhaps unsurprising that a Scandinavian country features in the top spot. Denmark’s retirees are the least likely to return to work, due to a highly supportive welfare state, robust pension schemes, and an effective economy that supports much of its aging population.
Sources: (Preply) (Euro Weekly News)
See also: What is the "retirement curse" and how to avoid it
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LIFESTYLE Employment
Retirement was once seen as the ultimate reward after decades of hard work. But this seemingly natural part of human life is undergoing a profound transformation. Across the globe, an increasing number of retirees are opting to return to the workforce, a trend popularly known as the "Great Unretirement." Driven by various factors, this movement is reshaping the traditional narrative of retirement as a time of rest and leisure.
Recently, the business corporate entity known as Preply conducted a study of the world’s 45 wealthiest nations. By analyzing their welfare, economic, and demographic data, Preply was able to determine which countries are the least and most friendly for retirees. Curious? Click through this gallery to see which countries made the top (and bottom) of the list.