Measures aimed at improving the work-life balance are therefore a step in the right direction in terms of both social and economic policy. Looking at the elderly population, the decision made a few years ago to gradually raise the retirement age to 67 also helped to keep people in this age group in work for longer.
Labour force participation among the over-60s has already risen significantly over the last few years. However, allowing workers to draw a full pension after 45 years of contributions has now somewhat blurred the signal sent out by raising the retirement age to 67. “Retirement at 63” is something which favours age groups that are currently close to retirement to the detriment of younger generations.