Kamall Jaddwani’s Post

🇨🇳 The ageing population and declining workforce in China carry substantial global economic ramifications. With over 300 million individuals exiting the workforce within the next decade, a notable decrease in labour supply is anticipated, potentially leading to reduced productivity and economic growth, not confined solely to China but resonating globally. Moreover, the strain on China's social security system, exacerbated by an increasing elderly populace lacking sufficient pensions or care, could reverberate throughout the global economy. As the Chinese government grapples with funding pensions and healthcare for its elderly, potential resource redirection or tax increases may impact businesses within China and those dependent on its market. The rise of the 'silver-haired economy' presents dual challenges and opportunities for global businesses. While catering to older consumers' needs offers new market avenues, businesses must navigate complexities in adapting products and services to suit shifting demographic demands. This demographic crisis in China underscores the necessity for comprehensive, sustainable solutions to address ageing populations worldwide. International collaboration and knowledge sharing are crucial to formulating effective policies, ensuring dignified lives for all elderly individuals. China's ageing population presents significant economic hurdles, necessitating concerted efforts from governments, businesses, and stakeholders to devise solutions supporting ageing populations and mitigating adverse impacts on global economic stability. #AgeingPopulation #SocialSecurity #ElderCare #China

As Hong Kong pursues economic transformation, addressing its aging workforce emerges as a key challenge. Prof. Heiwai Tang, Associate Dean of the HKU Business School and Director of the Asia Global Institute, recently shared insights on this issue with China Daily. Drawing from behavioural economics, Prof. Tang highlighted how short-term factors like childcare access, living environments, and educational costs influence couples' decisions to raise children. He remarked, "With a better living environment, the fertility rate can also be boosted...When young couples feel those short-term issues can be resolved, they may decide to raise children." Advocating a visionary outlook, Prof. Tang urged formulating Hong Kong's economic growth plan, and foster the development of a headquarters economy, before embarking on talent attraction. "When strategic industries of various business segments set up shop in Hong Kong, there will be demand for talent. These enterprises will bring their senior management and technology talents to the city, initiating a virtuous cycle of talent attraction," he stated. Full coverage: https://lnkd.in/gg6KmecE #HKUBusinessSchool #AgingWorkforce #AgingSociety

ILO Asia-Pacific Employment and Social Outlook 2024: Promoting decent work and social justice to manage ageing societies [28 May 2024] https://lnkd.in/gvBqdmmh or https://lnkd.in/gMdQjC8c   This Asia-Pacific Employment and Social Outlook 2024 report pulls together the most recent statistics to depict the state of the labour market and its impact on the 3.4 billion people living in the region. Beyond past trends, the report examines the implications of population ageing for labour markets and society.   With Asia and the Pacific being the fastest ageing region in the world, labour force participation rates and economic dependency ratios are projected to change significantly by 2050. The ensuing economic, financial and social challenges are exacerbated by persistent decent work deficits such as insufficient social protection, a high incidence of low labour incomes, gender inequality and age discrimination. Addressing these deficits is fundamental to successfully manage ageing societies and requires concerted action by workers, employers and governments.

WSJ [excerpt]: When #China launched its one-child policy more than four decades ago, it sped up an evolution toward smaller #family sizes that would have happened more gradually. The policy supercharged the country’s workforce: By caring for fewer children, young people could be more productive and put aside more money. For years, just as China was opening its #economy, the share of working-age Chinese grew faster than the parts of the population that didn’t work. That was a big factor in China’s economic miracle. There was a price and China is now paying it. Limiting births then means fewer workers now, and fewer women to give birth. A United Nations forecast published Thursday shows how quickly China is #aging, a demographic crunch that the U.N. predicts will cut China’s #population by more than half by the end of the century. ... Knowingly or not, China essentially borrowed from its own future by accelerating its so-called demographic window. How the effects of the policy have sped up China’s demographic bind is scrambling the long-term models demographers usually work with. “The challenge with China is that from one year to another the situation can change quite fast,” said Patrick Gerland, head of the U.N.’s population estimates and projection section. “Within the last decade, the changes have been very big, both in policy and in the numbers.” For example, in its just-published global estimates, the U.N. expects China’s population to drop from 1.4 billion today to 639 million by 2100, a much steeper drop than the 766.7 million it predicted just two years ago. Even so, the U.N.’s prediction looks optimistic compared with other estimates. Researchers from Victoria University in Australia and the Shanghai Academy of Social Sciences have predicted that China will have just 525 million people by the end of the century. ... The real demographic impact in China won’t fully hit until the middle of the century, when many of those born during the one-child policy will reach retirement—while still caring for aging parents, said Wang. By 2050, the U.N. now projects 31% of Chinese will be 65 or older. By 2100, the share will be 46%, approaching half of the population. In the U.S., the share is expected to be 23% and 28%, respectively. The U.N.’s revised forecasts see Chinese births dropping below nine million this year. In 2022, it had predicted that 10.6 million would be born in China in 2024. The U.N. now expects China will have only 3.1 million newborns a year by 2100. Not only are there fewer women to give birth these days, but many young women, mindful of their mothers’ suffering during the one-child policy, are less interested in marriage and children, driving down the fertility rate. As births slip, China’s elderly population is ballooning. China expects a glut of more than 40 million new #retirees—more than the population of Canada—over the five-year period ending in 2025. #news #business

By 2040, an estimated 28% of China's population will be over 60 years old. Because of its low birth rate, it is becoming one of the world’s fastest ageing populations. Michael Lam, Managing Director of APAC, BSI, believes that by acting right now, China will have the opportunity to maintain its competitiveness in the future age-diverse workforce by focusing on: ⚫ Skill upkeep and training ⚫ Lifetime learning ⚫ Improving health and well-being People will be working for longer and multiple age groups will be working together. There is a growing awareness of the benefits that can come from cultivating a more balanced, welcoming and supportive workplace for all, irrespective of age. Our new report explores the future of work: https://gag.gl/dCZwQu #AgeDiverseWorkforce #WorkplaceWellBeing #BSI

As a strong advocate for equity, diversity & inclusion in all its forms, I know that true diversity gives us strength, versatility and agility. My feed today seems all about age diversity! Here we have a few words from Michael Lam, BSI's Assurance Managing Director in AsiaPacific #BSI #Notyourstandardcareer #equitydiversityinclusion

By 2040, an estimated 28% of China's population will be over 60 years old. Because of its low birth rate, it is becoming one of the world’s fastest ageing populations. Michael Lam, Managing Director of APAC, BSI, believes that by acting right now, China will have the opportunity to maintain its competitiveness in the future age-diverse workforce by focusing on: ⚫ Skill upkeep and training ⚫ Lifetime learning ⚫ Improving health and well-being People will be working for longer and multiple age groups will be working together. There is a growing awareness of the benefits that can come from cultivating a more balanced, welcoming and supportive workplace for all, irrespective of age. Our new report explores the future of work: https://gag.gl/dCZwQu #AgeDiverseWorkforce #WorkplaceWellBeing #BSI

By 2040, an estimated 28% of China's population will be over 60 years old. Because of its low birth rate, it is becoming one of the world’s fastest ageing populations. Michael Lam, Managing Director of APAC, BSI, believes that by acting right now, China will have the opportunity to maintain its competitiveness in the future age-diverse workforce by focusing on: ⚫ Skill upkeep and training ⚫ Lifetime learning ⚫ Improving health and well-being People will be working for longer and multiple age groups will be working together. There is a growing awareness of the benefits that can come from cultivating a more balanced, welcoming and supportive workplace for all, irrespective of age. Our new report explores the future of work: https://gag.gl/dCZwQu #AgeDiverseWorkforce #WorkplaceWellBeing #BSI

By 2040, an estimated 28% of China's population will be over 60 years old. Because of its low birth rate, it is becoming one of the world’s fastest ageing populations. Michael Lam, Managing Director of APAC, BSI, believes that by acting right now, China will have the opportunity to maintain its competitiveness in the future age-diverse workforce by focusing on: ⚫ Skill upkeep and training ⚫ Lifetime learning ⚫ Improving health and well-being People will be working for longer and multiple age groups will be working together. There is a growing awareness of the benefits that can come from cultivating a more balanced, welcoming and supportive workplace for all, irrespective of age. Our new report explores the future of work: https://lnkd.in/ebdji77k #AgeDiverseWorkforce #WorkplaceWellBeing #BSI

The realities are stark. Last year, 11.6M Chinese graduates tried to enter the workforce. One in five is likely to remain unemployed. Others who did find work are victims to an obsolete ethic of unrewarded hard work and sacrifice. They prefer to do the bare minimum and abandon vain hopes of career advancement, an approach known as “lying flat”. Xi has singled this idea out for strong criticism but has nothing to offer in return. Worse still, in one speech he told the young five times to toughen up and learn to “eat bitterness”. They are not the least impressed by his exhortation to ‘seek self-inflicted hardships’ in the new economic normal. Increasingly, Chinese people realise that their leaders have abandoned all pretence of a reliable social contract in justification for single-party rule. Neither they, nor the free citizens of Taiwan, have the least faith in talk of China’s “glorious rejuvenation”. Both sides of the Straits can see that the emperor in Beijing now has no clothes.