Norway's Retiree Burden on its Shrinking Workforce


 
Norway’s fertility rate has been in decline in recent years. This is projected to cause the working-age population to fall by the end of this decade. Simultaneously, retirees are living longer and forming an ever-larger part of the population. These factors are causing a large decline in the number of working-age people available to support the expanding number of retirees.

Number of Working-Age People to each Dependent (65+) in Norway
The working-age population represents those aged 15 to 64. Period: 1950-2050.
Norway
Norway





In 1950, each Norwegian retiree was supported by nearly 7 people of working age. By 2050, this is projected to have fallen closer to 2. Furthermore, the fast-expanding 65+, mostly-retired cohort cost Governments of rich countries more than the equivalent number of workers, due to unfunded pension, medical and old-age-care costs (3 time seems a minimum). Unfunded pension entitlements also stood at 264% of Norway’s GDP in the most recent Eurostat survey. Adding to this already nightmarish equation is the fact that only 76.5% of the working-age population is currently employed. Therefore, these figures overstate the number of workers available to support retirees today. Consequently, an unprecedented and unsustainable tax burden is emerging in Norway.

More for subscribers:  
See more...The Alarming Cost of Aging Demographics
See more...The Aging Problem Facing All OECD Countries
See more...See more data for Norway...
See more...See more Fertility Rate data...
See more...See more Working Age Population data...
See more...See more 'Number of Workers to Each Elderly Dependent' data...

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