A demographic time
bomb
25 Feb 2013
Whether you like it or not, there's
a good chance you are going to have to work longer than your parents. Many
countries are heading for what is commonly known as the Demographic Timebomb. This
means an increasing proportion of their populations falling into older
age-brackets. The proportion of 65-69-year olds in work in the country has
risen from a low of 17.8% in 1985, to 27.6% by 2005, and to 32.1% in 2011. In
the 70-74 bracket, the proportion of US citizens working rose from 9.8% in the
first quarter of 1987 to an average of 18.8% in 2011. China's National Bureau
of Statistics recently announced that the share of population aged between 15
and 60 years old declined for the first time in 2012.
UN warns over impact
of rapidly ageing populations
01 Oct 2012
The world needs to do more to
prepare for the impact of a rapidly ageing population, the UN has warned -
particularly in developing countries. Within 10 years the number of people aged
over 60 will pass one billion, a report by the UN Population Fund said. The
demographic shift will present huge challenges to countries' welfare, pension
and healthcare systems. The number of older people worldwide is growing faster
than any other age group.
Ageing China: Changes
and challenges
19 Sep 2012
In the late 1970s and early 1980s,
the government advocated a "later, longer, fewer" lifestyle,
encouraging people to marry later, have wide gaps between children and fewer
children overall. It also instated the controversial one-child policy. These
were attempts to curb population growth in a bid to help modernize the economy.
Chinese women are having fewer children, but having a smaller generation follow
a boom generation - and longer life expectancies - means that by 2050, it is
expected that for every 100 people aged 20-64, there will be 45 people aged
over 65, compared with about 15 today.
Pension
age: Ministers to speed up rise to 66
24 Jun 2010
The government is to speed up plans to raise the state pension age for
men to 66, possibly by as early as 2016. Ministers will also raise the option
of extending it further, perhaps to 70 and beyond in the following decades. The
default retirement age of 65 - at which workers can be legally axed by employers
- is also set to be axed.
Bernanke – Deficit Concerns and the Aging Population
09 Jun 2010
Among the primary forces putting upward pressure on the deficit is the
aging of the U.S. population, as the number of persons expected to be
working and paying taxes into various programs is rising more slowly than the
number of persons projected to receive benefits. Notably, this year about 5
individuals are between the ages of 20 and 64 for each person aged 65 or older.
By the time most of the baby boomers have retired in 2030, this ratio is
projected to have declined to around 3. In addition, government expenditures on
health care for both retirees and non-retirees have continued to rise rapidly
as increases in the costs of care have exceeded increases in incomes.
US Medicare funding under threat
13 May 2009
The US social security and Medicare
system, which provide pensions and health care for older people, are set to run
out of money sooner than expected. The costs of these two government
entitlement programs has already reached $1 trillion (tn), or one-third of the
entire Federal budget, and is expected to rise significantly as 80 million
"baby boomers" reach retirement age over the next two decades. The
rising cost of providing health care - which is growing much faster than the
overall growth rate of the economy - is putting pressure on the Medicare
budget.
Japan eyes
demographic time bomb
19 Nov 2007
Japan is about to experience
demographic change on an unprecedented scale. The birth rate has been falling
steeply for half a century. In the early 1970s it passed the replacement level
of 2.1 births per woman and in 2005 hit a record low of 1.26. Japan has the
world's highest proportion of elderly people. More than 20% of the population
are now over the age of 65. By 2050, that figure is expected to rise to about
40%. As the number of retirees goes up that same government will be facing
increasing pension and healthcare costs.
Japan's Ageing Population
27 Oct 2006
Japan has the fastest ageing
population in the world. Nearly two million people in Japan are now aged over
80, but they too play a key role in family life and in the economy. Nowadays,
the number of people living in a nursing home or another welfare facility for
the aged is increasing. That is putting pressure on the nation's economy, and
the expense of providing care facilities will go on rising as people live
longer and the proportion of elderly people increases.
Bernanke- Deficit Concerns and the Aging Population
15 Mar 2006
US Federal Reserve chairman Ben
Bernanke has voiced concerns over the size of the US budget deficit. Mr
Bernanke warned persistent deficits need to be curbed, particularly as an
ageing population will raise pressure on government spending. US finances were
expected to come under "severe pressure" as baby-boomers began to
retire and collect their Social Security and Medicare benefits.
Retirement age 'should reach 85'
17 Feb 2006
The age of retirement should be
raised to 85 by 2050 because of trends in life expectancy, a US biologist has
said. That will put a strain on economies around the world if current
retirement ages are maintained, he warned. The Stanford researcher has been
looking at relationships between historical trends in ageing, population growth
and economic activity. In the US, the cost of social security and medical care
would almost double if people retired at 65 under. But an increase in the
retirement age to 85 would bring costs down to today's levels.
