Translated using ChatGPT service.
On 3 October, Senior Day was held at the Saeima of the Republic of Latvia, where economic issues relevant to seniors and their participation in the labor market were discussed together with policymakers.
As part of Senior Day, two panel discussions took place, focusing on the employment of older people and labor market opportunities, as well as intergenerational cooperation and knowledge transfer as factors for economic development.
“Advanced age is not an obstacle to participation in the labor market. Cooperation between generations within a company not only reduces discrimination but also promotes knowledge transfer and collective growth. Projections indicate that by 2060 nearly one-third of Latvia’s population will be seniors. If we do not ensure their more active participation in the labor market, Latvia’s competitiveness could be affected. Seniors play an important role in the labor market and the economy, so it is crucial to harness the potential of all our citizens for a common goal,” emphasized Minister of Economics Viktors Valainis.
In his presentation, Minister Valainis noted that Latvia’s labor market is experiencing a shortage of workforce, which is expected to grow in the future. According to Central Statistical Bureau data, in 2024, 83,000 seniors were employed in Latvia, representing approximately 10% of all employed persons. Most seniors are employed in agriculture, education, and healthcare sectors, while employment in the information and communication technology (ICT) and financial sectors is very low, at only 2% of all employees.
Greater participation of seniors in employment would ensure the exchange of experience and skills between generations, institutional memory, sustainability, as well as increase organizational flexibility, social integration, and civic engagement.
During the discussion with seniors, Minister Valainis encouraged employers to avoid stereotypes, recognize the individual capabilities of each employee, and develop company policies that promote intergenerational cooperation and senior participation in the labor market. Mutual collaboration and breaking down preconceptions are key to knowledge transfer between generations and enhancing competitiveness.
Low senior participation in the labor market is explained by several factors – health problems, lack of flexible working hours, age discrimination, and regional mobility challenges. The Minister believes that appropriate state policies and employer openness can encourage seniors to participate more actively in the workforce.
Several companies worldwide have already implemented successful intergenerational cooperation programs, which have facilitated more effective knowledge transfer and improved work environments and efficiency. Introducing such programs in Latvia could similarly increase senior participation in the labor market while creating added value for companies and society as a whole.
The event at the Saeima is held for the second year as part of International Senior Day, celebrated globally on 1 October.