Nowadays, people live longer than ever before, what problems does this present?
In most of the developed countries, many policies have been implemented to cope with the ageing population. In the past, most people retired at the age of fifty. Nowadays, people enjoy retirements only after three scores. The ageing population is usually more prevalent in the developed countries than in the developing countries. This may boil down to the better quality of life in the first-world countries nowadays. However, the greying population can in fact hinder the economic progress and social improvement of a country. The longer lifespan of the population has caused some inevitable problems to the economic development of a country. Incontrovertibly, most of the silver generation lose their edge in terms of the health condition and the working ability. Whilst tax is being increased to enhance the well-being of the aged, the workforce which comprises the octogenarians is losing competitiveness and capability. In order to surmount the aforementioned challenges, new blood has to be injected into the workforce from time to time so that the engine to boost the economy can be driven continuously. Healthy population growth contributes to the talent pool and the consumer market of a nation. The government is promoting population growth by implementing many pro-family schemes such as “Have Three or More” and attracting foreign talents to support the ageing population. Furthermore, the elderly are regarded as burdens to the government nowadays. Growing number of senior citizens means increasing need for geriatric care such as the amenities, healthcare and social services. More financial resources and manpower thus have to be channelled to the development of such infrastructure. This may in turn hamper the growth of the industrial and commercial sectors. To maintain the national development while ensuring sufficient care to the aged, the “Many Helping Hands” approach is introduced...
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