The average age of Taiwan’s workforce will be in the 55-64 range within 15 years due to the concurrent trends of a decreasing birth rate and an increasing average age, the National Development Council (NDC) said yesterday.
To encourage employees to postpone retirement, the NDC has asked the Ministry of Labor to study the deferred pension plans available to employees, as well as programs to raise the participation of women in the workforce.
The NDC projected that, in 2018, Taiwan would formally enter the ranks of nations with “aged societies.”
By then, 14 percent of the population is expected to be at least 65. In 2025, Taiwan would become a “super-aged” society, with at least one in five people people aged 65 or older.
It also projected that in 15 years, workers aged 55-64 would comprise the largest proportion of the labor force. Currently, the largest number of workers is aged between 35 and 44.
AGE, DECLINE
An aging population is to lead to a decline in Taiwan’s labor force, causing an increase in spending on social welfare. Therefore, Taiwan should seek a new model for economic development, according to the NDC.
In an attempt to cope with the changing demographics, the NDC has requested that the Ministry of Labor revise the Labor Insurance Annuity scheme, which began in 2009, to extend the age of eligibility for receiving pension payments from 60 to 65 gradually from 2018 to 2026.
DELAYED REWARDS
In addition, the reward for delaying receipt of the pension for each year is to be a 4 percent pension increase, capped at 20 percent.
The idea of modifying the scheme is derived from retirement measures adopted by Europe during the oil crisis of the 1970s to cope with unemployment, the NDC added.
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