The World Health Organization has projected the world’s population aged 65 or older will rise to 1.5 billion persons by 2050, representing 16% of the total. The number of older persons in less developed countries is expected to increase at a rate more than three times as quickly as in developed countries, raising the prospect of these societies becoming old before they become rich.
This rapid demographic transition across the globe poses several challenges for ageing societies as they grapple not just with the effects of the COVID-19 pandemic but also with the seismic socioeconomic disruptions arising from new digital technologies and (de)-globalisation. The impact of these trends on different groups (by age, gender, employment status) will be unevenly distributed, and increasingly unequal outcomes could cause tensions between the various groups and lead to increasing societal fragmentation and polarisation.
How will societies cope with the rising numbers of older persons and ensure their welfare in the future? How are the pandemic, technological changes, and globalisation affecting the societal compact in ageing societies? How might smaller cohorts of younger persons generate the output required to help support the post-retirement needs of the elderly? How do we ensure that the retirees’ post-retirement needs are financially supported, in the face of a shrinking tax base of younger working age persons?
With traditional family support networks weakening as societies undergo demographic transition, can existing public and private pension arrangements provide adequate financial security for not just today’s older generation but for younger generations contemplating their own post-retirement outcomes in the future? What can policymakers do to ameliorate or counter the worst socio-economic and political outcomes of societal ageing?
In this podcast, Christopher Gee, Senior Research Fellow and Head of Governance & Economy at the Institute of Policy Studies at NUS and Dr Zeewan Lee, Assistant Professor at the Lee Kuan Yew School of Public Policy discuss the implications of rapid societal ageing on economic productivity and the welfare of the different generations and genders, and the policy options available to address these challenges.
Click and listen to Episode 3 from the following links below: