WELLINGTON, Dec. 15 (Xinhua) -- New Zealand's labor force is projected to keep growing, driven by an increasing population and people working into older ages, the country's statistics department Stats NZ said on Friday.
Currently 2.6 million people are in the labor force. The new projections indicate a total labor force of around three million in 2030 and 3.5 million in 2068, Stats NZ said, adding that the labor force includes both employed and unemployed people.
People aged 65 years and over will make up an increasing share of the labor force, it said, adding that in 1991, just 1 percent of the labor force was aged 65 and over, whereas currently the 65+ share is 6 percent, which is projected to increase to 9 percent in the late 2020s.
"The labor force will grow into the future, but at a slowing rate, reflecting what is happening with our population," population statistics senior manager Peter Dolan said in a statement, adding that more people aged 50 and over are also seen in the labor force.
The participation rate for people in their 50s is 85 percent in 2017, which will increase to 88 percent in 2038 and 89 percent in 2068, Dolan said, adding that for people in their 60s, the participation rate is currently 59 percent, but this will rise to 64 percent in 2038 and 67 percent in 2068.
"In the long term, slower population growth and our increasingly older age structure will slow labor force growth, providing the age of eligibility for New Zealand Superannuation remains the same," he said.
