Aging has become a major issue for many countries nowadays. It has been observed that the majority of people would have aged over 65 years by 2030 in the most developed nations. This essay will enlist the possible predictions along with suggesting measures to curb the issue.
There is numerous possibility of this phenomenon. Firstly, there would be fewer work-forces in the future which could participate in the development of the nation. This may result in a slowdown of economical growth. For instance, if there were fewer young people in the job market, it would hamper the growth of companies as the unavailability of manpower may affect the flow of routine operations. Secondly, a significant increase in unproductive class may act as a burden on the government. This is because, since these people will no longer be able to work, there would be not only a substantial reduction in the tax collection but also a noticeable increase in the compensation of retirement benefits. As a result, the young age working class would witness the excessive burden of tax.
Fortunately, there are some possible solutions to encounter the said situations. To begin with, officials can increase the prefixed limit of retirement age. This would alleviate the estimated shortage of manpower, balancing the demand of the required workforce. Additionally, the modified retirement age would extend the tax earning of people who were planning to retire early, which enables better financial liquidity. Furthermore, by encouraging people about self financial planning, the government can introduce cut down in the retirement benefit schemes. For example, personal savings and finances would surely help individuals in their later stage of life, or any emergency, and make them self independent even after their retirement. As a result, there would be less strain on national finances, allowing authorities to utilize funds in national development schemes.
To conclude, a decline in human force and excessive burden on government finances can be considered as primary causes of these predictions. If means like extension in retirement age and self-funding are implemented appropriately, the issue can be dealt with.
Aging has become a major issue for
many
countries nowadays. It has
been observed
that the majority of
people
would have aged over 65 years by 2030 in the most developed nations. This essay will enlist the possible predictions along with suggesting measures to curb the issue.
There is numerous possibility of this phenomenon.
Firstly
, there would be fewer work-forces in the future which could participate in the development of the nation. This may result in a slowdown of
economical
growth.
For instance
, if there were fewer young
people
in the job market, it would hamper the growth of
companies
as the unavailability of manpower may affect the flow of routine operations.
Secondly
, a significant increase in unproductive
class
may act as a burden on the
government
. This is
because
, since these
people
will no longer be able to work, there would be not
only
a substantial reduction in the tax collection
but
also
a noticeable increase in the compensation of
retirement
benefits.
As a result
, the young
age
working
class
would witness the excessive burden of tax.
Fortunately
, there are
some
possible solutions to encounter the said situations. To
begin
with, officials can increase the prefixed limit of
retirement
age
. This would alleviate the estimated shortage of manpower, balancing the demand of the required workforce.
Additionally
, the modified
retirement
age
would extend the tax earning of
people
who were planning to retire early, which enables better financial liquidity.
Furthermore
, by encouraging
people
about self financial planning, the
government
can introduce
cut
down in the
retirement
benefit schemes.
For example
, personal savings and finances would
surely
help
individuals in their later stage of life, or any emergency, and
make
them self independent even after their
retirement
.
As a result
, there would be less strain on national finances, allowing authorities to utilize funds in national development schemes.
To conclude
, a decline in human force and excessive burden on
government
finances can
be considered
as primary causes of these predictions. If means like extension in
retirement
age
and self-funding
are implemented
appropriately
, the issue can
be dealt
with.