The political  4  BIS central bankers’ speeches  objectives behind these instruments need to be weighed against the effects they have on employment. Moreover, as life expectancy increases, so the statutory retirement age needs to be raised to curb the effects on the pension level as well as non-wage labour costs.
This question has been addressed with the progressive increase of the standard retirement age to 67. What we need is a longer working life, but not only to ensure we can afford to pay pensions. Enterprises here in the south-west of Germany know what a shortage of skilled labour means.