[size=75:3h5vjstm]Dnevnik 29 March 2010

Aging time bomb ticking for Europe

Overall, Europe is aging by two days a week. With the proportion of the over-65s heading for 28 percent in Europe by 2050 and life expectancies stretching to 82 from around 76 in 2006, the generation of that increased productivity must be shared by its older members.

the number of people aged 60-65 will start to exceed the 15-20 year olds who traditionally replaced them in the labor force, according to a Eurostat data cited by Allianz.

Voter turnout of the over-50s exceeded that of the under-50s in Europe in 2005, by between 1.02 to one in Norway and 1.41 in Portugal, according to a study published last year by the World Economic Forum.

The over-50s are already in the majority in Finland and Switzerland, the report said, and will be in France and Germany in 2015. The United Kingdom, where over-50s will make up the majority in 2040, will be last in the voter-aging wave.

Alongside importing immigrants, Europe will also have to raise the retirement age. The European Commission has targeted a 50 percent employment rate for older workers by 2010, up from 45 percent in 2007.

The increase of the retirement age is bound to set off a wave of protests among Europeans, especially in countries such as Greece and France, but it is the only possible solution.