Projecting the future size and composition of the Austrian workforce

The study projects the future size and composition of the Austrian workforce between 2023 and 2040, incorporating the most recent population projections by Statistics Austria. The projections also provide detailed forecast of the development of working hours. This study is a follow-up study of the completed project “Older people on the labor market: a forecast up to 2040 as a basis for economic policy measures”. The project combines demographic projections with models of transitions between labour market conditions (unemployment, employment, and jobless positions) and their interactions with socio-demographic characteristics and health status. Demographic forecasts and statistical models are combined to a micro-simulation model which, taking into account socio-demographic changes and the legal framework for retirement, allowing an estimation of the future development of older people on the labour market. Dynamic microsimulation allows to realistically depict individual life courses, while the results are at the same time consistent with demographic forecasts of population ageing, taking migration and the changing educational structure into account.

  • Organizations: Austrian Institute of Economic Research (WIFO)

  • Funding: This 2024 project is funded by the Austrian Chamber of commerce