CHINA: In a recent report from Reuters, China, in a bold move to harness the wisdom and experience of its aging population, is launching a revamped ‘Silver Age’ scheme, encouraging seniors to take an active role in community service and development initiatives.
This initiative comes at a critical time as the country grapples with a rapidly aging population and a shrinking workforce, with the United Nations predicting a nearly 40% decrease in the working-age population by 2050.
The “Silver Age”
The ‘Silver Age‘ scheme, introduced over two decades ago, is being expanded to include a broader range of economic and social development activities. The civil affairs ministry emphasized the importance of elderly participation in grassroots governance, highlighting seniors’ potential to contribute to dispute mediation, health and fitness, and even senior care.
By 2028, the scheme aims to play a pivotal role in social participation and contributions by the elderly, with activities ranging from childcare and senior assistance to supporting rural children left behind by parents working in urban areas. The initiative also calls for elderly volunteers to be recruited for major sports facilities, events, and key meetings, ensuring that their skills and experience are utilized effectively.
China’s efforts to bolster its workforce include measures such as delayed retirement and encouraging volunteerism among the elderly.
Last year, the number of births in China dropped to 9 million, a trend that is expected to continue, further reducing the working population. The recent proposal to raise the retirement age is part of an overhaul of laws designed to address the economic pressures of a shrinking workforce.
This innovative approach not only taps into the valuable resources of its aging population but also promotes a sense of purpose and community engagement among seniors, potentially transforming the landscape of volunteerism and social development in China.
Influence on job market trends
As China embarks on its ambitious ‘Silver Age’ scheme to engage its aging population in community service and development initiatives, the ripple effects of this strategy are poised to extend beyond its borders, influencing job market trends in neighboring Southeast Asia.
First, by leveraging the experience and skills of its elderly population, China aims to mitigate the economic pressures stemming from a shrinking workforce. This initiative could potentially delay the need for China to import labor from abroad, including from Southeast Asian countries, which are traditional sources of migrant workers. As a result, Southeast Asian workers may face reduced opportunities for employment in China, leading to a shift in migration patterns and potential job market adjustments within the region.
Second, the ‘Silver Age’ scheme could inspire other Southeast Asian nations to adopt similar strategies to harness the potential of their aging populations. Countries like Thailand, which is also experiencing rapid population aging, might look to China’s model as a blueprint for engaging seniors in community service and development. This could lead to a broader trend across the region, with governments encouraging elderly participation in various sectors, from education to healthcare, thereby creating new job opportunities tailored to the skills and capacities of older workers.
Moreover, as China’s focus on utilizing its aging population grows, there may be an increased demand for professionals specializing in gerontology, elderly care, and related fields. This could prompt Southeast Asian countries to invest in training and education programs to meet this emerging demand, both for their domestic needs and to supply skilled workers to China and other aging societies.
Additionally, the ‘Silver Age’ scheme could also lead to the development of new industries and job categories in China, such as technology solutions for aging populations, eldercare services, and community engagement platforms. These innovations might then be exported to Southeast Asia, creating new job opportunities and driving economic growth in sectors related to aging.
While it may initially reduce the demand for migrant workers from the region, it could also inspire similar initiatives, create new job opportunities in gerontology and related fields, and drive the development of new industries that could benefit the entire region.
Strategies for SEA businesses
As Southeast Asian businesses navigate the challenges posed by an aging workforce, they can adopt several strategic approaches to leverage the strengths of older employees and mitigate potential challenges.
In an article published by the Straits Times, it was suggested that businesses should prioritize inclusivity and adaptability in their workplace culture. This involves creating a supportive environment that respects and values the experience and skills of older workers. By fostering an inclusive culture, businesses can help older workers thrive and contribute effectively to the workforce, thereby mitigating the impact of a shrinking workforce.
Upskilling and reskilling programs are crucial. A report from the Business World Online, stressed that with the rapid technological advancements and changing job market demands, businesses should invest in training and development programs that cater to the needs of older workers. This not only helps in enhancing their skills but also ensures that they remain relevant in the modern workforce.
Harvard Business Review likewise highlighted the need for flexible working arrangements which can be a game-changer. Offering flexible schedules, part-time options, and remote work opportunities can significantly improve the retention and productivity of older workers. Such arrangements not only accommodate their health needs and personal responsibilities but also enhance their job satisfaction and loyalty to the company.
Moreover, businesses should consider redesigning job roles to better suit the capabilities of older workers. This could involve tasks that require experience, problem-solving skills, and a deep understanding of the industry, which older workers often possess in abundance.
Lastly, leveraging technology can be a strategic move. A Development Asia Policy Brief underscored that by integrating advanced technologies that support older workers, such as ergonomic tools, assistive devices, and digital platforms, businesses can enhance their productivity and reduce physical strain.
By implementing these strategies, Southeast Asian businesses can not only adapt to the challenges posed by an aging workforce but also harness the potential of this demographic to drive innovation, maintain productivity, and ensure a sustainable future in the competitive global market.