The Ageing Society Turning to Its Elderly Workers
Summary
Thailand is turning to its older population to help fill jobs as birth rates decline and the nation faces an aging population. Companies are hiring people over 60, often with government-backed programs, and offering incentives like tax breaks. This trend is also seen in the United States, where more older people are staying in or returning to work.Key Facts
- Thailand is experiencing a decline in birth rates, leading to an aging population where 21.5% are over 60 years old.
- Thailand is ranked as having the third-most rapidly aging population in the world.
- The World Health Organization defines a "super-aged" society as one where more than 20% of the population is over 65; Thailand may become one.
- Companies in Thailand, like Central Restaurants Group, hire older workers, offering schemes that include government tax incentives.
- The Thai government allows companies to claim double tax deductions for hiring workers over the age of 60.
- Concerns exist about older adults working out of financial necessity rather than choice, impacting job quality and security.
- The United States is experiencing a similar trend, with rising labor force participation among those 65 and older.
- U.S. companies like Walmart and Home Depot have programs to hire and retain older workers, offering flexible schedules and less physically demanding jobs.
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