While participation rates for men (81%) are close to those observed in peer countries, female participation (71%) still lags behind rates observed in the selected countries (75%). Each component is projected out to 2060 according to long-term dynamics and convergence patterns between the countries. Speed of convergence depends on the initial position and structural factors such as product market regulation. The baseline specification assumes that these returns to education are the same for all countries and that educational attainment (measured by average years of schooling) of the 25-29 age cohorts improves by 1% per year over the projection horizon.