Asian countries least prepared to deal with ageing and automation
Of the 20 major global economies, Asian countries fare badly when it comes to combatting the threats of societal ageing and workplace automation, according to a new study from Mercer and Marsh & McLennan Insights.
Singapore ranks highest out of the four Asian nations included in the index, but still finds itself in the bottom half of the list at number 13. South Korea is bottom of the list, with Japan 17th and China 18th.
The Ageing and Automation Resilience Index looks at how ready a country is to tackle the challenges of ageing and job automation among elderly workers. It factors in the strength of a country’s local retirement system among other benchmarks.
According to Mercer, 35% of the working-age population in Singapore will be above the age of 50 by 2030. Elderly populations are growing at the same time as working age populations are shrinking.
Ms Peta Latimer, Mercer CEO for Singapore, pointed to a new source of labour. “As semi-retirement and re-retirement becomes normalised, employers should take this opportunity to tap an experienced, eager and productive pool of talent,’’ she said. Some measures could include freelance and flexible approaches to working.
Denmark came top of the list, with Australia and Sweden among the most resilient countries to tackle ageing and automation.