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Demographic change is affecting the labor market: by 2035 around seven million fewer workers

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The German labor market, which is already plagued by a shortage of skilled workers, will lose seven million workers by 2035 – if countermeasures are not taken. This emerges from a study by the Nuremberg Institute for Labor Market and Occupational Research (IAB), which was published on Monday.

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The main reason is that many employees of the so-called baby boomer years will soon be retiring. However, the problem can be solved or at least alleviated if it is possible to increase the employment rate – for example among older people and migrants – and to make targeted immigration possible, according to the study.

“By 2035, Germany will lose seven million workers due to demographic change and thus a seventh of the labor market,” said IAB researcher Enzo Weber, one of four authors of the study.

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“But the shrinkage can be stopped if all levers are set in motion to keep older people in the job, to strengthen the professional development of women, to attract and integrate immigrants, to further reduce unemployment and to increase the birth rate,” emphasized Weber. (dpa)

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Source: Tagesspiegel

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