As more baby-boomers – born from 1946 to 1964 – retire, Switzerland will faces a shortage of workers, according to Credit Suisse, a bank.
Economists at the bank estimate that 1.1 million people in Switzerland will retire over the next 10 years, a figure which includes nearly 800,000 people currently working.
By 2021, there will be more people leaving the job market than joining it.
The current peak in Switzerland’s age pyramid is 55 years old, the age of the youngest baby-boomers. Currently, 61% of the population is of working age (20-64). By 2029, this figure is estimated to fall to 58% – click here to see a population age pyramid.
Sectors predicted to be the hardest hit include agriculture, manufacturing, transport, administration and social services, including health. In these industries roughly a quarter of current workers are part of the baby-boomer generation.
The healthcare sector in particular will be hit hard because of increasing demand and its limited potential for automation.