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First Austrian baby boomers entering final year of work: Allianz study

Xinhua, February 19, 2015 Adjust font size:

German multinational financial services company Allianz warned of a major demographic upheaval in Austria as the first baby boomers in the country are entering their final year of work in 2015.

As part of a study related to the pension system in Austria, it was found that over 750,000 Austrians of the baby boomer generation will go on the pension between next year and 2034, the head of Allianz Austria Wolfram Littich said in a statement Wednesday.

The study was based on calculations that the baby boomer era lasted 14 years in Austria, from 1956 to 1969, and that children born then made up 23 percent of the population.

The child birth rate reached a high of 2.82 children per woman in 1963. The rate dropped to below 2.1 children just three years after the baby boom, and then recorded the lowest rate at 1.33 children in 2001.

"According to figures from Statistics Austria the share of people aged over 65 in Austria increased from about 800,000 in 1955 to present 1.57 million," the company, who also offers private pension insurance, noted.

Thus about 2.35 million Austrians will be on the pension by Dec. 31, 2034, when the last of the baby boomers have retired due to being over 65. Meanwhile the working age population will concurrently decrease by more than 200,000 people, the company said. Endite