New Zealand Labour Force Set to Grow

December 17, 2015 New Zealand Taxation

New Zealand taxNew Zealand’s labour force will continue to grow, as more and more people work past retirement age.

The New Zealand labour force is set to see a sizable boost in the next two decades, but the growth rate will decrease over the long-term, according to new information released by Statistics New Zealand on December 17th.

The high levels of migration and the fact that a greater number of Kiwis are working to an older age means that in the short term the labour force will strong upwards pressure.

Currently, the approximate size of the labour force is estimated to be 2.5 million people, although this will rise to 2.7 million in 2023, and 2.9 million by the mid-2030s.

Over the long-term the growth is likely to be reined in, reaching 3.1 million around 2050, and 3.2 million in the 2060s.

It was noted that the levels of migration to New Zealand are likely to decrease as time goes on, but the number of people who work past the age of 65 will rise from the current level of 6 percent currently to 10 percent in the late 2020s.

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