Asia’s ageing workforce on the rise — but are employers paying attention?

ASIA: A new report from QBE highlights a concerning trend affecting Asia’s workforce: the increasing number of older employees and the surprising lack of awareness among employers about it.

By 2023, roughly 20% of people in many Asian markets were 65 or older. This figure is expected to jump to 40% by 2050. Despite this shift, the report shows that most business leaders do not recognise how many seniors are on their teams.

“Only a small proportion of business leaders can even estimate the number of staff over 65,” the report states. “The majority have no idea.”

Among the five Asian markets analysed, Hong Kong had the highest percentage of workers aged 65 and above, at 21%, followed by Singapore at 19%, Macau at 14%, Vietnam at 10%, and Malaysia at 7%.

Rachel Pu, QBE’s Asia Head of Workers’ Compensation, called the lack of awareness “alarming.” She warned that many companies are not prepared to support this growing part of their workforce.

“Few employers have workplace policies or practices tailored to older workers,” Pu said. “Yet they are expected by both regulators and employees’ families to ensure worker wellbeing and to help with a safe, effective return to work after injury, especially for older staff.”

The report points out the unique strengths older workers bring to organisations, such as experience and stability, as well as their ability to mentor younger employees. However, it also warns that a one-size-fits-all approach to employee wellbeing is no longer effective.

Tailoring the workplace for the future

QBE recommends that industries take positive steps and hands-on initiatives to fine-tune, such as training older workers, forming age-friendly practices, and offering flexible work opportunities.

Practical suggestions include additional leave days for staff aged 65 and above, more frequent or longer breaks, subsidised gym memberships to promote health and fitness, and modified duties or roles to lessen physical strain.

Meeting the needs of older staff can also have broader benefits. The report indicates that Millennials and Gen Z employees are attracted to workplaces that emphasise inclusion and diversity, including across age groups.

“Policies that support workers of all ages can actually help attract and retain top young talent,” the report concludes.

As Asia’s population ages, the challenge for employers is no longer about whether older workers will be part of the workforce, but whether their workplaces will be prepared to support them.