As the share of older workers in the labour force increases, the labour force participation rate decreases. This is because older people generally work less than younger people. Pre-retirement part-time work and early retirement are having a noticeable impact here. This age structure effect will lead to a decline in the total hours worked in just a few years’ time.
As far as the working-age population is concerned, the situation is changing fundamentally. The working-age population has grown in recent years. Strong labour market-oriented net immigration has more than offset the decline in the domestic labour force, at least in terms of numbers; recently, people who have fled Ukraine have played a major role in this regard.