Old age at the same time will reap off the workers. The number of retiring people will increase with an un-matching injection of the same to the economy. Hence, this will lead to slowed growth in the economy.
The most affected sectors are the ones that need young non-educated people in the industry. Some of the works that need educated people with more skills have not been affected much by the increased number of the old. This is so since most of the educated workers in the United States and Europe above the age of 60 years are working at the rate of 65 percent. At the same time, much money is paid to aging. For instance, by the year 2010 12 percent of the wages were being paid to people more than the age of 60 (The Economist Print)
To curb the shortage of work to some extent, there is a need to emphasize education to ensure that people work longer into their old age. This is because most of the work done by uneducated people gets harder day by day since it needs more energy. However, this will affect some other sectors of the economy that need manpower. Some countries like Japan have utilized robots to carry out manual work in industries. Read More
