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Shortage of skilled workers: German companies are threatened with a pension gap

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Shortage of skilled workers: German companies are threatened with a pension gap

The retirement wave in the boomer generation could worsen the shortage of skilled workers. gettyimages

In the next ten years, the baby boomer generation will retire. The problem: While the baby boomers are leaving the workforce, fewer and fewer employees are coming.

According to the “Handelsblatt”, there is a risk of a pension gap in many German companies – including Bosch, Siemens Energy and BMW.

According to the Federal Statistical Office, skills and labor shortages are increasingly important factors for economic development in Germany.

This year the 1964 vintage is celebrating its so-called “Diamond Jubilee”. As people reach their 60th birthday, more and more people in the baby boomer generation are thinking about retirement.

According to representative survey According to the ergonomics scientist at the University of Wuppertal, early retirement is particularly popular among baby boomers. 83 percent of those surveyed said that the Desire for more free time is the main reason for early retirement.

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More and more people are working in old age – but not just because of low pensions

A recent survey by “Handelsblatt“ shows that in the next ten years more employees of German companies will retire than ever before. Accordingly, DAX companies and the country’s largest unlisted family businesses expect that an average of 20 percent of employees in Germany will leave due to their age.

Why is that? The baby boomer generation was a particularly booming generation – and they will be retiring in the second half of the 2020s. The problem: Due to the weaker birth cohorts, fewer employees are coming.

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For demographic reasons alone, according to the Federal Employment Agency Therefore, the number of people available for the labor market increases by 400,000 every year. In a decade, the number of people of working age will therefore only be around 43 million. That would reach the level of the 2010s.

According to the survey, almost 70 percent of companies say that demographic change is making it “very or very difficult” to fill open positions. According to the Federal Statistical Office, demographic change is “one of the reasons for the growing need for well-trained skilled workers to replace the baby boomers with high birth rates.”

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More and more people are working in old age – but not just because of low pensions

Results of the Handelsblatt survey

But which companies are most affected by the so-called pension gap? The “Handelsblatt” survey shows that the chemical industry will probably suffer particularly from the looming pension gap: at BASF, 29 percent of the workforce is expected to retire in the next decade and at Covestro between 31 and 35 percent.

According to the “Handelsblatt” survey, on average, 20 percent of employees will retire in the next ten years. For large German companies such as Bosch, Symrise and Brenntag, this is the case for around 19 to 20 percent of employees. Siemens Energy and BMW also expect a share of 22 to 23 percent.

In the drugstore industry, dm and Rossmann expect 11 and 14 percent of employees, respectively, to no longer be working within a decade. At the bottom is Commerzbank, where the decline is estimated at ten percent. The complete list of Germany’s largest companies that are threatened with a pension gap in the next decade can be found here:

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