In the future, it’s expected that the proportion of older people is higher than younger people… Its the positive or negative development.
Medical science has witnessed unprecedented breakthroughs over several decades, which has increased the average life expectancy of modern-day people. Thus the ageing population is likely to swell shortly. In my perspective, this is largely a negative trend considering a sizeable increment in greying population strains a government’s financial resources and would eventually reduce the working class of a country.
To commence with elucidations, most elder people rely on the administration for their pensions and medical needs. In other words, with the increase in the proportion of senior citizens, authorities need to allocate more funds for this section of society, which in turn exerts much pressure on the country’s economy. To exemplify, the retired public officials are entitled to receive the pension funds proportionate to India’s last drawn salaries, which the taxpayers fund.
Another reason why an excessive number of aged citizens would be detrimental stems from the fact that it leads to a shortage of labour in the coming years. What this means, the increase in life expectancy does not equate to the extended amount of workforce since the seniors are not as capable of working full-time as their younger counterparts. Consequently, developing economies, which rely dominantly on human capital, would likely suffer shortly. Referring to the example described above, the old-age pensions are financed mainly by the taxes paid by the working section. If human labour continues to dwindle, it could be lead to the levy of additional taxes.
To put it in a nutshell, I pen down stating that the projected growth of the older people is likely to cause inevitable issues such as scarcity of working labour and burden the nation’s economy.
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