China is experiencing a rapid rise in the age of its population with 30 % of its population expected to be over the age of 65 by 2030.
There are many reasons for this such as the one child policy china has where the government only allows to have one child. Reasons for this was to modernise the economy and stop overpopulation at the time it was introduced in 1979. However they are now slowly beginning to relieve themselves from the one child policy as of 2015.
In a similar way to China and Japan, Greece has a large percentage of the population that is old. 20.68% of the population is over 65 years old, with a further 13% being between 55-64 (IndexMundi, 2016). This is a problem, as an ageing population requires pensions, whilst also not contributing back to the economy in a working sense. This is a problem in its self as the country is already in a massive amount of debt, which stands at 175% of its Gross Domestic Product; it has also dropped consistently since 2008 (Trading Economics, 2017). Why is this relevant then? Greece only contributes around 2% to the overall Eurozone economy; it still has an effect on how the Euro stands against other countries in the world (Phillips, 2015).
UK demographics displays that 17.83% of UK citizens are 65 and over and a further 2.3% are 85 and over. Aging populations effects the UK’s economy primarily as less citizens will be working and more money will be spent to support retired citizens; the UK’s economy will suffer.
Within the UK, the result of populations aging has had a positive effect on the UK’s economic factors as (Ahmad, 2015) reports that employment rates within the UK has been on a steady increase with figures showing 0.8% growth from 2009 to 2014. Moreover, with current performance it is expected that as of 2019 the UK will see a further 1.5% increase.
In the case of Japan, 27% of population is over 65 years old. Enterprises prolong the age-limit of retirement and make the seniors use their experience and knowledge for company efficiently. Furthermore they try to hire employees as long as they can, and also they try to re-hire employees who retired the similar company. Government revise the law to stabilize employment policy for older workers. Age Discrimination Act protects senior’s minimum wage and prolong the work period regardless of retirement age.
I’ll be relating this topic to the US. As we all may be aware, the US has become a more developed country over the years, and continues to develop. This is because of the way they have become prepared, when it comes to dealing with injuries and health scares. Because of this, more people are alive and living long, which would explain the sudden increasing age population in the US. Whereas in low-income developing countries, this is not the case.
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