The Aging Workforce

By 2050, one in six people in the world, and one in four people in developed countries, will be over 65 years in age. The increasing proportion of older individuals is resulting in significant fiscal, healthcare, and social welfare challenges. Governments around the globe see prolonging the working lives of aging workers as a key strategy to delaying the widespread negative impacts of an aging workforce. Although the workforce participation of aging workers is now at its peak, many workers across the globe are choosing to retire well below the normal government-issued pension age. In some countries at least (such as France, Italy, and Norway), premature exit from the workforce is the norm rather than the exception. This chapter aims to provide insights into the working life of aging workers, with the view to investigate how aging impacts the individual worker’s psychological health and wellbeing as well as performance and engagement at work. The chapter also aims to evaluate organizational initiatives and identify what organizations can do to better support aging workers