Work Force Shrivels
by The work force is beginning to shrivel as older workers retire and younger workers take their places. The number of workers in the rich world aged 15 to 65 will peak in 2010. 25 million workers will be lost in the next 15 years unless retirement age is delayed.
There are some benefits, fewer young people means less crime, but with the ranks of retirees growing and the world’s rich babies shrinking it’s bad news for funding pensions and health care. In a little more than 20 years it will require three people working for every pensioner.
Image via Wikipedia
The obvious answer seems to be making more use of older workers and gradually delaying retirement. Many companies have mandatory retirememt at age 65. With seniors having a longer life span and better health than ever before in history, why not allow the worker to remain productive, using his or her experience and knowledge to the benefit of the employers as long as he is able to do the job and wants to work?
In America, Japan,and South Korea, many more people continue working longer than in western Europe where provisions for pensions and other benefits at an earlier age deter people from staying on the job. At this time there are more British pensioners than children. Even migration will not change the age structure very much.
Image by Army.mil via Flickr
On the other hand the Mexican influx into the US that is a drain on the economy at this time, may have a positive effect as Mexican workers are employed in the communities, and more of them pay into the social security and tax system, rather than taking out of it. Unlikely as it seems, Mexican immigrants may be the U S’s salvation in years to come.
Think-tanks are currently looking at the aging issue. Melbourne, Australia hosts it’s 10th global conference on aging in 2010, and an international forum will take place in Japan. Our brightest minds are threading their way through the graying jungle. Now, lets see if we agree with the plan they come up with.
http://socyberty.com/government/the-bill-of-rights/
http://healthmad.com/healthcare-industry/universal-health-care-for-the-usa/
http://gomestic.com/personal-finance/baby-boomers-and-social-security/
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Post CommentJenny Heart
On August 26, 2009 at 4:08 am
A thought provoking piece. Like it!
ken bultman
On August 26, 2009 at 4:19 am
You may be right about Mexican immigrants helping with our economy. I found a wallet once. It had one dollar and five social security cards.
unown971
On August 26, 2009 at 4:37 am
You are right, the workforce is crumbling. There are going to be less younger people compared to older so the there will be less of a workforce. Very informative!
Christine Ramsay
On August 26, 2009 at 5:31 am
They are certainly going to raise the retirement age in Britain in the next few years. An interesting article.
Nikita K
On August 26, 2009 at 6:18 am
You are clever to raise this issue but I feel that younger people taking up jobs of the older members is slightly inevitable because the employers find them more “fitting” to job profiles. Times have changed and requirements have changed so the younger. I think increasing the retirement age will satiate the problem up to a certain extent because as you said, older people are living longer but I feel that a good balance has to be discovered.
Good and journlistically styled article!
Darla Cooke
On August 26, 2009 at 8:42 am
Interesting article.
Kate Smedley
On August 26, 2009 at 9:05 am
It certainly is a potential timebomb in the UK, as the population gets older, the working population is shrinking and can’t support the state pension as it used to. Very good article Ruby, as always.
Buma
On August 26, 2009 at 9:43 am
I agree with your article, great idea about economy, keep it up!
CHAN LEE PENG
On August 26, 2009 at 10:40 am
Interesting read, and great article as always. Have my liked it.
chitragopi
On August 26, 2009 at 10:53 am
Very thoughtful article
Gijo George
On August 26, 2009 at 11:21 am
You have presented the data very well.
chris73
On August 26, 2009 at 1:37 pm
Yes, the future seems to be enough dark…
Brenda Nelson
On August 26, 2009 at 2:51 pm
I am in Canada, and can tell you right now that no dang way do I want to be working when I am 65!!!!
the answer is easy.. robots are taking over most jobs already.
cebuanaeyez
On August 26, 2009 at 4:24 pm
The economy worldwide does not look promising. Great job as always Ruby!
Tanya Wallace
On August 26, 2009 at 6:10 pm
Very interesting,informative and well written article as always Ruby!That seems to be some pretty high stats,quite scary in a way,really don’t look forward to being a pensioner anyways however;with the current situation it makes for a dark future!
Lex92
On August 26, 2009 at 7:49 pm
i guess you’ll never know
Collette Edwards
On August 26, 2009 at 8:18 pm
Rudy another well written and informative piece from you. Makes you wonder what’s life going to be like for our grandchildren and great grandchildren???
CA Johnson
On August 26, 2009 at 9:18 pm
Great job, Ruby! It is definitely tough in the work force in America. It’s really going to be hard on people who are ready to retire. I hope that everything changes and things get easier.
rutherfranc
On August 27, 2009 at 12:26 am
that was a nice foresight into the future.. glad to know they are trying to do something about this..
kathie107
On August 27, 2009 at 1:19 am
Interesting, well done.
Ron Fields
On August 27, 2009 at 1:47 am
Very interesting article, particularly in this period of so much unemployment. With so many retirees, many jobs should be available in the future, and new jobs assisting the elderly should open up. Thanks for this thought-provoking piece.
Ruby Hawk
On August 27, 2009 at 7:23 pm
A great big thanks to all my friends for your comments and your support. You are all so good to me. I certainly hope some helpful plan will be found. As B says maybe robots will do the work and even more people can retire earlier. it’s a good thought. If we don’t have more jobs open up, neither the young or old will be working. But let’s don’t even think about that.
Daisy Peasblossom
On August 27, 2009 at 9:13 pm
Better health for seniors is another part of the answer. My school makes extensive use of semi-retired teachers as reading coaches and to fulfill other small part-time jobs that won’t support a younger person with a family.
PR Mace
On August 28, 2009 at 12:28 pm
I wish I knew the answer. I am one of older nurses on my floor and I wonder how much longer I can keep it up. I think soon I may have to stop working 12 hours shifts, I come home so tired and it usually takes me a day to recover. My problem is I find so many younger nurses ( I use nursing because it is what I know) don’t have the love for the job, they only want that big paycheck.
Lostash
On August 28, 2009 at 6:45 pm
As Christine said, the retirement age in the UK is gradually being increased. Anyone born after April 1955 will retire at 68, and there will be a scaled introduction of a 70 year old limit for those born more recently. I think it’s a good thing, as long as employers realise the value of older, more experienced staff!