Nearly three in ten Cypriots under the age of 74 continue to work after retirement, according to new Eurostat research. The vast majority do this out of financial necessity.
The number of Cypriots who continue to work after retirement is 29.6%. This is almost three times the EU average (10.3%).
The survey found that 68% of those who work after retirement do so out of financial necessity, the highest level in the entire community. The rest work because they like it. In the rest of the EU, only 28.6% of pensioners continue to work for financial reasons, and the rest - because they like it.
Estonia has the largest share of working pensioners – almost 55%. It is followed by the rest of the Baltic countries: Latvia with 44.2% and Lithuania with 43.7%. In fourth place is Sweden (41.7%). Cyprus closes the top five (29.6%).
Low percentages of people who retire and continue to work were noted in Belgium (9.4%), Romania (1.7%), Greece (4.2%), Spain (4.9%), Croatia (5 %), France (9.9%) and Luxembourg (9.7%).
In 11 EU countries, the main reason for continuing to work after retirement was economic necessity, and in 14 countries it was love for one's job. Denmark (61%), the Netherlands (59.6%) and Italy (51.7%) have the highest proportions of people who continue to work because they enjoy it. The fewest pensioners who continue to work at the behest of their hearts are in Spain (17.9%), Cyprus (19.1%) and Slovakia (20.4%).
In 2023, 45.1% of people aged 50 to 74 in the EU received some form of pension. This number was broken down into three main categories: those who receive only an old-age pension (39.7%), those who receive only a disability pension or disability benefits (4.6%), and those who receive both , and others (0.8%).
The text was prepared based on materials from the Cyprus Mail publication