Abstract
The relationship between an aging workforce, higher retirement age, and youth unemployment has already been established in the available literature. However, the empirical research on the impact of an aging workforce, and higher retirement age on youth unemployment is limited, has conflicting results, has occurred mostly overseas, and has not considered the perceptions of young people who are about to enter the workforce. Hence, this paper aims to investigate the perceptions of the youth on the relationship between the aging workforce, higher retirement age, immigration policies, and youth unemployment. Structural equation modelling was used to analyze the responses of 183 business students. The findings establish that five relationships were supported out of seven hypothesized relationships. The key research finding reveal that immigration policies and higher retirement age are significantly related to youth unemployment. Lastly, the theoretical and managerial implications of the study were discussed, along with the limitations and recommendations for future research.
Highlights
The key research finding reveal that immigration policies and higher retirement age are significantly related to youth unemployment
This paper has investigated the impact of an aging workforce, higher retirement age and immigration policies on youth unemployment
The current research focused on the impact of three variables on youth unemployment; the study suggests that there is a need for future research to study in detail, other determinants of youth unemployment such as employer attitudes, education, and training and the skills of young people (Ministry of Social Development, 2015)
Summary
The trend of people living longer is expected to continue for several decades (Chybalski & Marcinkiewicz, 2014). This trend of living longer has led to an increase in the number of aging population. People can obtain more pension funds from their government without working longer or paying more tax. This remarkable change in population age structure can negatively influence the performance of economies, as well as the sustainability of government entitlement programs.
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