This CIPD report notes that as life expectancies increase, most countries are seeing ageing populations which comes with the challenge of how states and individuals would fund retirement, as this added strain is placed on their tax and welfare systems.
An ageing population is arguably a good problem to have. Throughout the twentieth century, life expectancy increased at a steady pace. However, it has rapidly increased throughout the progression of the twenty-first century. which should be celebrated as one of humanity’s greatest achievements.
On top of this, with the baby boomer generation easing into retirement, the UK could face a shortage of labour, despite popular hype about automation and AI taking away the need for human workers. But herein lies the opportunity of an older workforce. Through inclusive policies and practices that make work-friendly for the ageing workforce, we can extend working lives meaningfully and benefit from the talents of older workers whilst addressing the challenges that come with funding retirement as an added strain is placed on tax and welfare systems.