How Japan and Singapore are reinventing old age
A new demographic dividend – the “longevity dividend” – is emerging as populations age; Singapore, one of the most rapidly ageing populations in the world, and Japan, where around 25% of the population is older than 65, are already responding to this demographic shift and benefit from it; From innovative retirement income and care programmes, Japan and Singapore’s governments are already seeing positive results.
Also Read Mongolian commercial banks resume providing loans to pensioners
Demographic change has favoured economic growth in many regions around the world. In countries where working-age populations grew more rapidly than the number of consumers, income per capita experienced a boost.
Also Read India. ETMoney now lets users invest in NPS through its app
This was the first demographic dividend. However, as is widely acknowledged, this first dividend is transitory because as populations age, the size of the non-working population starts to grow.
Also Read Australia. Jobs drought for older workers increases risk of ‘pension poverty’
Even so, the same demographic conditions that are producing an end to the first demographic dividend may yield a second – the “longevity dividend”.
Read more @Weforum
