AGING POPULATIONS AND GLOBAL IMPLICATIONS

For the first time in history, the group of people over 65 (almost 500 million) outnumbers the number of children under the age of five. The report, Why Population Aging Matters: A Global Perspective, predicts: “Societal aging may affect economic growth, the sustainability of families, the ability of states and communities to provide resources for older citizens and international relations.” European countries as well as Japan and Korea are already facing these consequences. One third of people in their 60s and 11% of those over 70 still work, and it is expected that these numbers will rise rapidly. A Representative from the OECD comments, “We can no longer afford to waste the valuable resources that older workers offer to business, the economy and society.” The OECD affirms that employers must end discrimination and adapt work practices for a diverse workforce that include older employees in order to sustain their competitiveness on the market. In 2006 UK authorities ratified The Employment Equality (Age) Regulations which try to ban age discrimination in terms of recruitment, promotion and training, unjustified retirement ages of below 65, and remove the current age limit for unfair dismissal and redundancy rights. Regulation like that and serious diversity strategies can support organizations in executing a change of perspective regarding the abilities of older employees.