Japan And Australia On Population Aging

Improved quality of life, quick and easy access to health care along with medical advances help Japan’s aging population enjoy an increased life expectancy, so much so that the Japanese older population is outnumbering the younger

Australia is one of the most advantaged aged care systems in the world. The increasing numbers of ageing population is one of the major transformations being experienced by

In 1901 just 4.0% of the Australian population were older people and after two decades this has increased to 6.4%. In 2011 the aged population continued to increase and reached 14%. The Australian Bureau of Statistics (Abs.gov.au, 2012) indicates that since the baby boomers are now becoming old, there has been a decrease in fertility rates and an increase in life expectancy. The population of people over 65 years has continued to increase and it is predicted that it will continue to increase for the next 50 years. As people become older they are more susceptible to becoming sick and in need of government benefits. Since there is a major

Other statistical important values are the unemployment rate and life expectancy. The unemployment rate amount Japanese is 4.0%, whereas the United States is 7.4% (Find-the-data, 2015). This is one of the reasons the Japanese government is able to keep down costs. However, the average life expectancy of Japanese citizens is 83.33 years to U.S. 78.84 years, which would require Japan to care for their citizen’s longer (Find-the-data, 2015). This can financially impact the government with increased expenses and costs to an aging nation.

1.) What difficulties—from retiring baby boomers in the United States to a graying China, to the massive overhang of Europe’s elderly—can private corporations, governments, and other sectors expect as the aging revolution unfolds across the globe? How will changing demographics affect workforce composition? Retirement age? Pension outlays? Taxation? Immigration? Economic growth? How can governments, corporations, and nongovernmental organizations work together to address these issues?

In detail, in 1940, the proportion of people aged 65 or more stood at 5% in Japan, approximately 7% in Sweden and 9% in the USA. In the following years, the proportion of elderly in both USA and Sweden rose dramatically and reached a peak of 15% and nearly 13% respectively in 1980. But the proportion in Japan declined slightly over the same period.

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According to Intergenerational report (2015), Australia’s population will grow and change over next 40 years. There will be increase in population of old people and less number of young people in coming future.

In 2017, an estimated 3.8 million Australians (15% of the population) are aged 65 and over compared with 2.2 million (13%) in 2007. An ageing population leads to:-

In general, countries experiencing high fertility and rapid population growth, have a “young” population structure and the important policy considerations are if there are enough schools and, sufficient jobs and housing to accommodate this population. Countries with “old” population structures face the problems of structuring and developing retirement and health systems to serve this older population and also they have a considerable reduction the number of the working force. The decline of the work force is one of the most dramatic economic tendencies of the past four decades in the United States. The individual’s decision of whether to stay in the workforce or to retire is based on the collaboration of a number of factors including the following: eligibility for Social Security benefits, availability of and benefits under an employer-financed pension plan, work

According to the Australian Bureau of Statistics, it has become increasingly evident that Australia is an ageing population, placing anyone 65 years or older, under the 'aged' category.

Population ageing is a major global demographic trend. As the life expectancy continues to increase, the proportion of elderly people rises simultaneously. For instance, the life expectancy in Japan was 79 years old (World Trade Organisation, 2014) in 1990, the number then raised to 84 years old (World Trade Organisation, 2014) in 2012 and accounted for 39% (World Bank Data, 2014) of the whole Japan population.

From 1970 to the year 2000, the world's over-60 population is projected to increase by more than 90 percent" . This is an astonishing number, seeming how the total population was predicted to grow by less than 75 percent . "The most prominent feature of the looming shift in the composition of the working-age population is, of course, its increasing age" . It is hard to say what will happen when suddenly there will be an abundance of older people who are preparing to retire.

Another perspective is the economic issue. The delay of women participation in labor force could be serious in the long run. Japan is an aging society, and percentage of the population aged 65 and over is now 26.0%, and this ratio is expected to go up to 36.1% by 2040 . In order to achieve further economic growth, McKinsey & Company points out that labor-force participation of female in the 25–44 age should go up to about 80 percent by 2040, from 71 percent .

This aging generation is not inherently negative for the economy, of course. The other aspects of Japanese demographic indicators are what makes this aging alarming and pose a serious danger to the future of the Japanese economy. While not the focus of this paper, it is worth discussing the population growth of Japan. While the near-future will undoubtedly face a greater burden as the first age bracket reaches retirement age, the worst hardship will arise in 20 years. The horizon of 20 years is