Labour shortage predicted by UBS report
Switzerland will face a labour shortage of up to half a million people within a decade, according to the latest economic outlook report by UBS bank.
The quarterly appraisal, released yesterday in Zurich, found that more and more older people have entered the Swiss jobs market in recent decades and when they retire they’ll leave a big gap. The report shows that, since 1990, the number of over-55-year-olds in the workforce has increased by 10%. Instead of taking early retirement, 75% of 55 to 64-year-olds are working in some form.
UBS predicts that over the next 10 years, 690,000 baby-boomers will no longer be at work, resulting in a major gap in the workforce and putting pressure on the pension system.