In the last 25 years the average age of employed people in Italy has risen from 38 to almost 44 years. 3,6 million people under the age of 35 have disappeared from the labor market (there were almost 9 million, now they are just over five), while the over 45s have increased by 4,2 million and workers aged between 55 and 64 doubled, rising from 2 to 4 million. According to the International Monetary Fund, in 2020 20% of employed Italians will be in this age group (55-64) and five years later the share will come close to 25%.
In short, the aging of the active population weighs on our country's growth prospects as well as on productivity, and unfortunately it is accelerating.
As demonstrated by a research by Corriere della Sera based on Istat numbers, since 2008 the average age of the 21-22 million Italians at work has increased by six months a year. In recent times, only the reductions in hiring provided for by the Jobs act have countered this phenomenon, but they have certainly not been enough to reverse its trend.
Among the contributing factors that have led to this situation are demographic trends and the latest pension reform. From the first point of view, given the low birth rate, it is no mystery that Italy is the third country with the highest median age population in the world (45,1 years) after Germany and Japan. As for the Fornero reform of 2011, raising the retirement age lengthened the time spent by older people at work.
The most alarming figure, however, concerns young people: without considering students, the employment rate among 15-24 year olds is just 17%. Also in the last 25 years, young workers have decreased from 41% to 22% of the total productive population, while older workers have increased from a third to a half. The over 65 they experienced a real surge in employment (+41%) and are now over half a million.
An IMF study published last December ("The Impact of Workforce Aging on European Productivity") shows that Italy, with Greece, is the country in which the aging of the working population causes the greatest decline productivity, eroding every year about 0,2% from the ability to grow the value generated in an hour of work
