Young economy: “Retirement age should automatically increase with life expectancy”

The average age of a person starting a business is 37. According to a survey commissioned by Junge Wirtschaft Oberösterreich (JW), 70 percent of founders find the high tax burden particularly burdensome. “The burden of taxes and bureaucracy is currently too heavy for young entrepreneurs,” said Doris Hummer, President of the Upper Austrian Economic Chamber, at a press conference with Michael Wimmer, Chairman of the Young Economy. Almost 30,000 young self-employed people belong to the network.

According to the Market Institute survey, 63 percent of the self-employed people surveyed assume that the economic situation will improve or stagnate, while around a third fear a further decline. Four out of ten young Upper Austrian entrepreneurs expect their future cost situation to worsen.

“Generational politically fair”

A new government must put together a relief package and enable better funding: The innovation check is not aimed at small companies due to the high level of bureaucracy, criticized Hummer. The participation of private investors should also be made easier.

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In addition to reducing national debt – in order to remain able to act in future crises – Wimmer also called for a reform of the pension system: “Since life expectancy has fortunately increased and will continue to increase, it should actually be a given that the retirement age automatically increases with it. That is not the case “It’s only objectively correct, but also fair in terms of generational policy,” he said.

There is also a need for more opportunities to make working hours more flexible. The number of start-ups in Upper Austria remained stable at 3,600 in the first half of the year despite the tense economic situation. The number of company takeovers has increased: in 2023 there was an increase of 27 percent to 374. In the coming years, the need will continue to increase because the baby boomer generation is moving into retirement.