More older people in the labour force
The labour force rate, i.e. the proportion of the population in the labour force, differs for 55-64 year-olds and 65-74 year-olds. For 55-64 year-olds, the relative labour force rate was 74.0 percent in 2009 while the corresponding rate for 65-74 year-olds was 12.7 percent. The labour force rate reduces gradually as people get older but there is a sharp fall for obvious reasons when they reach retirement age at 65, when the proportion in the labour force drops from 48.7 to 24.6 percent.

During the 1990s crisis, there was a slight downward trend in the labour force rate for 55-64 year-olds but since the end of the 1990s, there has been an upward trend. In 1987, the labour force rate was 69.1 percent, which can be compared to 2009, when it was 74.0 percent. The labour force rate has also increased for 65-74 year-olds, but the increase has occurred from a much lower level; 7.7 percent in 1987 to 12.7 percent in 2009.

Many of those employed in the 65-74 age group are self-employed
In 2009 the employment rate was 70.1 percent for persons aged 55-64, and 12,5 percent for persons aged 65-74. Most employed 55-64 year-olds were permanently employed in 2009. Of those in the 65-74 age group, however, almost every other employed person was self-employed or unpaid family worker, which was a significantly higher proportion than in the younger age groups. The proportion of employed persons who worked full-time was greater in the 55-64 age group than in the 65-74 age group.

The employment rate, i.e. the proportion of the population who are employed, correlates with the level of education. Among people in the 55-64 age group with only a compulsory school education, 59.7 percent were employed. The corresponding proportion of people in the same age group with a post-secondary education was 81.1 percent. The percentage difference in the employment rate was considerable in the 65-74 age group, where the employment rate among people with only a compulsory school education was 8.5 percent, while the corresponding proportion for people with a post-secondary education was 20.7 percent during 2009.