As populations age globally, policymakers face increasing challenges as they aim to meet the demands of longevity while remaining economically viable. Over the past decade, many countries have modified their retirement age policies in response to the demographic pressures of aging populations, the economic pressures caused by shrinking tax incomes, and evolving labour market realities. High income countries have largely moved toward raising both statutory and effective retirement ages and improving gender parity in the age of retirement. Upper-middle and lower-middle income countries like South Africa, India and China, by comparison, navigate complex trade-offs between labour market needs, the fiscal challenges posed by large informal sectors, pension sustainability and rising inequality.

Changes to the retirement age and threats to pension provision, can impact the wellbeing of older people through a range of mechanisms. Raising the retirement age means working longer to receive pension benefits, and working longer can affect physical and mental health. For those with physically demanding jobs, additional years in work might be challenging to perform, increasing the risk of stress and anxiety. For those in sedentary jobs or who risk isolation outside of work, additional years in work may offer positive gains in terms of stimulation and social engagement. Whether positive or negative, the effects of delayed retirement are unlikely to be equally distributed. Those with higher incomes and better health may be better able to work longer, while lower-income individuals and those with health issues may not – further exacerbating economic disparities and inequalities in health and wellbeing.

Changes to retirement age introduce both opportunities and challenges in terms of financial stability, physical health, mental well-being and social inclusion. The interplay between pension policies, demographic trends and economic pressures remains a dynamic and critical area of policy debate.

In this session, we will explore how labour market and pension reforms intersect with the lived experiences and wellbeing of older adults. We will consider intergenerational workplace dynamics, the potential benefits of adaptive labour practices and the opportunities offered by new technologies. How can we move towards a balanced policy framework that champions both economic resilience and the dignity and quality of life for older workers in an evolving socio-economic landscape?

 

We would recommend:

– A representative from South Africa, and / or China and India if possible

– And a balance from different regions – it would be good to have a speaker from South or Central America if possible.

– A representative from a ‘high income’ country

– Potentially HelpAge could speak about plans for the ‘Pension Watch’ observatory.