The rapidly ageing populations of countries in Asia Pacific require more government policy in order to ensure the well being of all citizens and prevent economic contraction. This shift of demographics is becoming a priority in the region. It is estimated by 2050, there will be 1.2 billion people over 60 living in East Asia and the Pacific which is equivalent to two-thirds of the world's older men and women. The working-age population will be much smaller in proportion to the growing number of older dependents. This shift will cause social and economic implications requiring government policy to prepare for it as much as possible. Eduardo Klien, regional director of HelpAge International for East Asia Pacific elaborated on some of these policies which include "practices such as extending active working life, making older workers more attractive to employers, reforming pension schemes, and shifting the focus of healthcare from hospital care to primary care in order to prepare for the future." Without these accommodating changes, Asia Pacific will lose valuable human resources that contribute much to their economy and community. The general idea seems to be to minimize the burden and maximize the contributions of older people, but how many people will actually support extending the active working life? If this means raising the retirement age, I would not be a fan.
This news seems to imply that the population growth rate is not high enough to balance the aging population. For example, the issue is already severe in Japan where the current population of 127 million is projected to decline by 12 million, or 10% by 2030. The cause of the large aging population was caused by breakneck pace of economic development in recent decades, paired with higher incomes and better education resulting in longer life expectancy and lower fertility rates. This affects the economy because of large and growing expenditures in healthcare and social welfare, costing Japan US$252 billion. A paradigm shift is required in the process of how healthcare, pensions, and long-term care are provided and financed.
http://0-web.b.ebscohost.com.dewey2.library.denison.edu/ehost/detail/detail?vid=0&sid=6fc79670-eb6e-443d-833d-7ee7188da6cb%40sessionmgr1&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=nfh&AN=2W63860188961
This comment has been removed by the author.
ReplyDeleteThis is a very interesting and unexpected topic to read about. I would also not be a fan of a raise in retirement age, but it looks like they may not have a choice with such a high percentage of men and women over 60 in their population. I wonder how this will play out.
ReplyDeleteThis case is particularly interesting in regards to the fact that countries in the East Asian Pacific have no choice but to increase the retirement age requirement. The alternative is to input a policy in regards to having a familial requirement of having a few more kids than usual which will never happen.
ReplyDelete