![]() However, the real issue is to balance youth with experience. For Jamaica, stronger welfare systems and social safety-net programmes are needed to help cushion the elderly after retirement. How can Jamaica cope with an ageing population?Ĭareful long-term strategic planning is required to address the issues associated with an ageing population. This would result in lower public education cost, lower health-care cost and other social programmes provided for children by the Government. Another advantage highlighted as a result, is cost savings associated with having to cater to fewer children and young people in the economy. They also are more familiar with the culture and way of life of a group of people than their younger counterpart, and therefore, are necessary to help instil tradition and way of life conducive to longevity.Īn ageing population is associated with fewer children. An ageing population can be advantageous in this case, using their experience to help uphold morals and values in a country. Older people have lived longer, hence are more experienced than younger people. Some simply cannot retire or they risk dying of hunger due to no source of income. However, the numbers might be less in developing countries like Jamaica, where some elders are still competing with young people for legitimate paid jobs due to insufficient pension to cover their expenses. These elders are more comfortable financially and find pleasure in giving back to their communities and countries. This has been identified as a global advantage where the elderly contribute free labour to community and government projects after retirement. What are the advantages of an ageing population?Īn increase in the proportion of elderly persons in the population leads to a growing pool of volunteers in the economy. In this case, less innovation and change take place in organisations as firms are confined to old ways of doing things, which makes the business less dynamic and absorb technology at a slower pace. By so doing, the supply of labour increases and young people find it harder to access jobs because older members of the population have a longer time to retire. Diabetes, hypertension and cancer increase in likelihood with age.įurthermore, an ageing population also increases competition for jobs, especially if the retirement age is extended. Older people are more prone to illnesses and ailments as such, an increasing number of sick persons will put pressure on health-care facilities, which might not be able to cope with the demand. Only 22 per cent of the total number of people in Jamaica's labour force made pension contributions in 2012, the remaining 78 per cent must be saving to compensate their financial needs if and when they reach retirement age. However, the fewer the pension contributors in the country, the more the cost to the citizens to facilitate them after retirement. If most of these elders were pension contributors, then the additional cost to the Government would be less. An increasing number of elderly persons means more pension requirements, resulting in an increase in the cost to the Government and, therefore, taxpayers. An increase in the proportion of elderly in the population opens questions as to how best to finance them after retirement. ![]() The main disadvantages of an ageing population include increase in pension and health-care costs. What are the disadvantages of an ageing population? Sign up for The Gleaner’s morning and evening newsletters.
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