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KMID : 1124020160320020245
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Korean Social Security Studies
2016 Volume.32 No. 2 p.245 ~ p.270
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Aging Workforce and Labor Productivity: Focusing on the Interaction Effect of Education and Training
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Ji Eun-Jeong
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Abstract
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Older workers are generally regarded as less productive than younger workers. This negative notion about old people limits their job opportunities. However, there is little evidence to support this hypothesis. Productivity depends on a person’s abilities (physical and cognitive abilities) as well as on human capital (education, experience, and training). However, little attention has focused on this point. Previous studies have mostly focused on the direct relation between aging and productivity. Therefore, this study examines whether there is an interaction effect of education and training on the relationship between aging workforce and productivity using the fifth Workplace Panel Survey of the Korea Labor Institute. The major findings are as follows. First, we found no evidence that older workers’ wages exceed their contribution to labor productivity’ wages exceed their contribution to labor productivity. Second, while an aging workforce is negatively related to low productivity, education and training offsets this negative association between them. Therefore, it is desirable to expand and reinforce education and training to improve a firm’s productivity and to increase older workers’ employment rate.
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KEYWORD
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aging workforce, aging, productivity, education and training, interaction effect
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