You guys are missing the point. If we take X percent of the workers out of the market due to retirement (and age discrimination?) there will simply not be enough people to do all the work. Paying more at any or all levels will not create more workers.
Inflation is starting to affect retirement plans, and some are coming out. But companies need to want them.
> Their state pension increases in line with inflation thanks to the penion "triple lock" in the UK (this is temporarily the "double lock" for 22/23).
In that case you have a feedback loop creating infinite inflation that goes faster than those rate adjustments goes. There is no magical wand to wish away inflation like that.
You don't need more workers, though. Supply and demand. As prices rise, demand wanes, not requiring as many workers.
When labour is free the amount of work is infinite, but with a higher price some work is no longer worth doing and workers get reallocated into the jobs that are still viable.
I sold my Bitcoin a couple weeks before Floyd Mayweather's fight with Conner McGregor. I used all the money to bet on Floyd to win the fight, which he did.
When I went to put the money back into BTC, I found out that I would have made the same amount just by leaving in BTC for the 3 weeks I was out of the market.