Technology can turn Asia’s ageing population problem into a longevity dividend
The Covid-19 pandemic has prompted a fundamental shift in attitudes towards technology in the workplace. Concerns that computers would render workers obsolete are giving way to the appreciation that technology could free humanity from mundane tasks and enable more flexible ways of working and interaction.
Crucially, digital technology will help keep older workers in employment and bring retirees back by permitting more flexible work arrangements and reducing the physical or cognitive demands of certain jobs. If mindsets can change, these advances could create an economic growth opportunity while addressing the problem of supporting a growing elderly population.
This could be a vital breakthrough in the Asia-Pacific, which is ageing faster and more dramatically than the rest of the world. By 2050, the region will be home to around 1.3 billion people aged over 60 years – triple the number in 2010 – accounting for a quarter of the population.
That is a problem when the retirement age in most Asia-Pacific countries is 60 years or lower. In China, where the working-age population has been in decline since 2012, the average retirement age is just 54.
Throughout the Asia-Pacific, most older workers want the option of remaining in employment longer, but are unable to for reasons including mandatory retirement, inflexible working arrangements, a lack of training and technological support, or simply age discrimination.
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