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In the first world countries, the average population of older citizens is higher. The major reason for this is the advancement in the medical field and the increased funding from government in the health sector. Few suggestions that can be implemented by the authorities to tackle this problem.
Firstly, when the life expectancy improves, it has a direct impact on people and its communities. The government will have to build more old age homes to accommodate the rising population of elderly. This will result in more expenditure from authorities which will lead to economic burden on the nation. Secondly, individuals will have to bare the additional expenses from their pocket to take care of the aged and invest time for their treatment. Thirdly, as the population will increase this will decrease the national budget for education, sports and others sectors since authorities have to keep aside a major percent of the budget for health sector.
There are certain steps that the decision makers can take to address this rising issue of the aged. Mainly focusing on reducing the pension of senior citizens will lessen the burden on government. Besides this, they can also think on revising the retirement age and offer some post retirement plans so that they can engage themselves in some income generation work. This will eventually support in nation building and the aged group’s motivation levels will rise.
In conclusion, if the authorities consider these suggestions of introducing post retirement plan and re look at the retirement age, the government should not worry about the economy of the country.
