Statistics NZ released its labour force projections on 29 August. New data has labour force participation of people 65+ at 20.3%. They are projecting that the participation rate for people aged 65+ will reach 30% from the mid-2020s. They are also projecting a significant increase in participation amongst the population aged 80+, from around 5% now to 10% by the mid-2020s.
The median projection indicates:
- New Zealand’s labour force (2.4 million in 2012) will increase to 3.0 million in 2036 and 3.3 million in 2061.
- The labour force aged 65+ (130,000 in 2012) will increase to 370,000 in 2036 and 460,000 in 2061.
- The proportion of the labour force that is aged 65+ (5 percent in 2012) will increase to 13 percent in 2036 and 14 percent in 2061.
- The proportion of the 65+ population in the labour force (the labour force participation rate) (21 percent in 2012) will increase to about 30 percent from the mid-2020s.