Ageing people will make up more than a quarter of the workforce by 2030: Report
Older and experienced workers will make up more than a quarter of the workforce by 2031, a study has predicted. The Bain & Company report claimed that more than 15 crore jobs will shift to workers over the age of 55 by 2030 in G7 countries. CNN.com, citing Bain's report mentioned that Japan has almost 40% of the workforce over age 55 whereas Europe and US have senior people workforce anywhere from 25-30%.
However, aging workforce is not unique to developed marks. For instance China's elderly population (65 and older) will double by 2050. This can also be seen an "unretirement" trend in which retirees rejoin labour force due to rising inflation and the impact on the job market.
India's labour force is also getting older and less educated with more than half the workforce comprising middle-aged people when the pandemic struck India. As per the CMIE estimates, 42% of India's workforce in 2016-17 was in their forties and fifties and this had risen to 51% by 2019-20 and to 57% by 2021-22. As per Bain's survey of 40,000 workers across 19 countries, the average worker younger than 60 years old is primarily motivated by good compensation.
Besides the older workers also also focused on doing "interesting work" in a job where they have autonomy and flexibility. In order to tap the motivation of older workers, equipping them with skills needed in the next 10 years is crucial, according to Bain. The report underscored 22% of respondents aged 55 to 64 said they need more tech skills.
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