Raising the retirement age is an effective measure to solve labour shortage in the future Interesting Essay Topic Ideas

Raising the retirement age is an effective measure to solve the labour shortage in the future It is a socio-economic phenomenon wherein the age of retirement is increased in order to retain experienced, experienced workers in the workforce This measure allows the aged people to stay longer in employment and help reduce the risk of a labour shortage. By raising the retirement age, the workforce will be more productive and reliable, and the total number of employed workers will be increased. This can decrease the need for hiring more inexperienced and untrained workers, potentially saving the cost of wages and training. Additionally, most retirees continue to contribute to their life savings, taxes, and other economic activities, thus helping to strengthen the economy on a macro level. Moreover, due to the ageing population, many retirees have accumulated a considerable amount of knowledge and experience in the job market. By keeping them in the workforce, the country could benefit from their experience and potential for further growth. Lastly, raising the retirement age can be beneficial to the elderly, providing some financial security and social recognition in the form of pensions, health insurance and other forms of support. To provide the best five examples of raising the retirement age being an effective measure to solve labour shortage in the future, the following are the best examples: 1. In the United States, the Social Security Administration raised the retirement age from 65 to 67 in 2017, providing economic and social security to those over the retirement age. 2. Japan has already raised the retirement age to 70 in 2020 and is expected to rise to 75 in 2030. This was done to provide financial security to elderly people and to reduce the strain on the social security system. 3. Netherlands has raised the retirement age from 65 to 67 in 2021 to benefit from the experience and skills of the elderly citizens and minimise the cost of hiring inexperienced workers. 4. Bulgaria has also raised the retirement age from 60 to 65 in 2021 with the intention of improving the lives of the elderly who can now benefit from the social security and pensions provided by the government. 5. Italy has also raised the retirement age from 60 to 67 in 2021 with the aim of reducing the burden on the public pension system and providing more financial security to the elderly. By raising the retirement age, some of the risks associated with a labour shortage can be reduced while still providing the elderly with financial security and social recognition. The five examples provided are some of the best reasons why raising the retirement age is an effective measure to solve labour shortage in the future.