Population aging in terms of generational cohorts in the context of labor productivity in the Slovak Republic

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The aging of the population is the main global demographic trend of the 21st century and one of the main factors in the formation of supply in the labor market. This study focuses on the aging of the population, which, in the context of the labor market, represents a problem for countries to sustain economic growth. The aim is to determine, based on the analysis of available statistical data, the impact of population aging on labor productivity and the labor market in the Slovak Republic. It also seeks to define how to mitigate the effects of population aging on maintaining economic growth and social stability without raising the retirement age. The study analyzed statistical indicators, utilizing OECD population projections and linking them to macroeconomic indicators (GDP, employment). Assuming GDP growth (3%) and labor productivity (2%) per year while maintaining 70% employment in comparison with population growth presented in the OECD forecasts, there will be approximately 367,000 unfilled jobs on the labor market in the Slovak Republic. Proposed solutions include pension reforms, investment in innovation and education for increased productivity, support for families to raise birth rates, simplified employment of workers from third countries, and improved working conditions for women. Addressing women’s working conditions can help compensate for the shortage in the aging workforce when combined with other solutions.

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    • Figure 1. Prediction of the number of employees in generational cohorts
    • Figure 2. Employment rate for 2021 – Gender comparison
    • Figure 3. Comparison of the forecast of working people with the number of people in retirement age Table 4. Number of workers per pensioner
    • Figure 4. The share in the creation of GDP of individual groups in Slovakia
    • Figure 5. Share of GDP of 5-year age groups
    • Figure 6. Comparison of the population prediction to the expected development of the necessary population to maintain the current GDP growth in combination with the current labor productivity growth trend
    • Table 1. Division of the Slovak population into generational cohorts
    • Table 2. Comparison of demographic indicators of selected European countries
    • Table 3. Employment rate by age structure
    • Conceptualization
      Adriana Grenčíková, Jana Španková, Richard Rigó
    • Data curation
      Adriana Grenčíková, Richard Rigó
    • Formal Analysis
      Adriana Grenčíková, Jana Španková, Richard Rigó, Monika Gullerová
    • Funding acquisition
      Adriana Grenčíková, Jana Španková, Richard Rigó, Monika Gullerová
    • Investigation
      Adriana Grenčíková, Jana Španková, Richard Rigó
    • Methodology
      Adriana Grenčíková, Richard Rigó
    • Resources
      Adriana Grenčíková
    • Supervision
      Adriana Grenčíková, Jana Španková
    • Validation
      Adriana Grenčíková, Jana Španková, Richard Rigó, Monika Gullerová
    • Writing – original draft
      Adriana Grenčíková, Richard Rigó
    • Project administration
      Jana Španková, Monika Gullerová
    • Visualization
      Jana Španková, Monika Gullerová
    • Writing – review & editing
      Jana Španková, Monika Gullerová