Publication

A longer statutory working life can contribute to alleviating the burden on the welfare systems, but it will not be sufficient if it is not coupled with increased labour market participation. A broader participation in the labour market will have a positive impact on European public finances and social security systems; at the same time, it would enhance economic growth and societal cohesion. But this is not the whole story: employment is not merely a source of income, but also a source of identity, social relations and self-esteem. Addressing the demographic challenge with the right strategy may result in a real win-win situation for Europe.