Riga, May 15 (LETA) - Last year, several targets set in the Latvian National Development Plan 2021-2027 (NDP2027) were achieved, which are monitored using data from the labor force survey conducted by the Central Statistical Office (CSP).

According to the data, both the long-term unemployment rate in the 15-74 age group has decreased and the share of the employed population participating in education during working hours has increased.

One of the targets set in NAP2027 is to increase the share of the employed population participating in education during paid working time to 49 percent in 2024 and 55 percent in 2027. Last year, the share of employed people participating in education during paid working hours in Latvia was 56.1 percent, exceeding the target for both 2024 and 2027.

As regards the long-term unemployment rate in the 15-74 age group, the NAP2027 set a target to reduce it to 2.6 percent in 2024 and 2.2 percent in 2027. In Latvia, the long-term unemployment rate was 2.2 percent last year, thus meeting the target set in NAP2027.

The NAP2027 set a target for the population aged 65-74 to reach an employment rate of 20.5 percent by 2024 and 22.5 percent by 2027. According to CSP data, the employment rate for this age group in Latvia was 24.8 percnet in 2024, so the NAP2027 target has now been reached.

The CSP also notes that the employment rate for the 20-64 age group was to reach 77.5 percent by 2024 and 78 percent by 2027. In 2024, the employment rate for this age group in Latvia was 77.4 percent, which means that the 2024 target value was close to the target.

Another of the NAP2027 targets, which can be monitored with the help of the labor force survey data is to reduce the share of young people aged 15-24 not in education or employment to 7 percent in 2024 and 6 percent in 2027. Last year, the share of such young people in Latvia was 9 percent, falling short of the 2024 target. By 2027, the target should be reduced by three percentage points.

In 2023, information on the types of pensions received and labor market participation after retirement was collected in all EU countries. The transition from work to retirement was examined, focusing on the situation of pension beneficiaries and the reasons why pension beneficiaries do or do not participate in the labor market.

The data collected show that in 2023, 85,500 out of 298,200 pensioners aged 50-74 were employed in Latvia. Almost half or 47.9 percent of the respondents in this age group cited financial need as a reason to continue working, 26.6 percent cited the desire to be economically active or liking the work they do, while one in ten said they wanted to continue their social life and the financial returns of work - 11.9 percent and 10.3 percent respectively.

The CSP also mentions that the survey data reveal situations where pensioners stop participating in the labor market at the time of retirement, but at some point resume participation for various reasons. In 2023, 7.8 percent of pensioners had returned to the labor market at some stage after retirement. By contrast, 42 percent of pensioners have left the labor market and have not re-entered it.

Of the respondents who decided not to continue to participate in the labor market at the time of their retirement, 66.8 percent cite reaching the retirement age as the reason, and 12.8 percent cite health problems.