Page 11 - IDEA Study 7 2015 Working Beyond Pensionable Age

they reach retirement age, individuals start to collect pension benefits, and stop working. Females retire and stop working earlier than males as their retirement age is lower3. Graph 1: Probability of labour market exit and economic inactivity among the elderly, conditional on age and gender Source: Labour force survey 2010 for the Czech Republic In comparison with the other EU 28 countries, in the Czech Republic employment is rather low (below average) among individuals whose age is above the retirement age, as shown in graph 2. The European countries with the highest employment rates among old age pensioners (Norway, Iceland, Sweden and the United Kingdom) have rates more than 20 percentage points higher than the Czech Republic. For further information, we refer to a parallel study (Bakalova, Bohacek and Munich, 2015), which focuses in detail on the differences in employment of the elderly across Europe. 3 The graph utilizes data from the labour force survey for the Czech Republic in 2010. In that year, as well as now, the retirement age for women is lower than for men, irrespective of the number of children raised. 9