PwC: Hungary underperforms on Golden Age Index

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Hungary, along with Greece, Poland and Slovakia, performed well below average in making use of older workers, considering how important employment of the aging population across the developed world is for boosting economic output, PwC said today in a report.

PwC found that most Eurozone economies are below the average. Slovakia, Greece, Poland and Hungary are among the ones lagging behind, PwC data suggest.

“Countries can add billions of dollars to their coffers if they follow best practices in harnessing the potential of their older workers,” according to a new PwC report. The newly-launched Golden Age Index is a weighted average of indicators – including employment, earnings and training - that reflect the labor market impact of workers aged over 55 in 34 OECD countries, PwC added.

One of the main findings of PwC is that the government should consider further reforms of state pension systems to encourage later retirement; create greater financial incentives for older workers to remain in, or re-enter the labor force; introduce new training initiatives to improve the employability of older workers; remove barriers to continued employment and encourage recruitment of older workers; and specifically boost employment rates for older women, which tend to be lower than those for men.

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