These countries are gaining the most by employing older workers
Businesses around the world are chasing the grey dollar, but older people can contribute more to an economy than how they choose to spend their retirement funds.
Humans are living longer, which puts additional strain on healthcare provision, social care and pensions. And unless these issues are addressed, they could wreak havoc on economies in the future.
The thinking goes that by harnessing the potential of older workers, governments can raise additional tax revenues and increase spending power, which in turn boosts output.
Golden Age Index 2018
PricewaterhouseCooper’s Golden Age Index assesses the impact of older workers on different aspects of a country’s labour market, including employment, earnings, the gender gap and participation in training.
In the latest update of its report, PwC estimates that as much as $3.5 trillion could be added to the OECD economies overall by encouraging people nearing retirement age to stay longer in the workforce. This figure represents the potential long-term boost of raising workforce participation rates of over-55s to the same level as New Zealand.
At a national level, if New Zealand’s performance on employment of older workers were matched, the GDP boost could be as high as 23% for Greece, 20% for Belgium and 9% for the UK. Here’s that in dollars:
The older worker participation podium
Iceland topped the 2018 index with 84% of the 55-64 age range employed, compared with the OECD average of 60%. New Zealand was second (78%) and Israel (66.8%) took the final podium step. At the other end of the scale were Luxembourg with 40% of the same age group employed, Greece with 37% and Turkey with 34%.
Overall, the index showed an upward trend in the number of older people remaining in work across member states.
Ups and downs over time
Germany, Israel and New Zealand proved the biggest climbers, rising steadily up the index since 2003. Despite dropping a few places, the UK continued to make gains over the same period, absorbing 63% of the 55-64 age group (up from 55% in 2003) into the labour force and 21% of 65-69 year olds (up from 13%).
Mexico, Greece and Turkey suffered the biggest falls as each country dropped over 10 places down the index.
Incentives to keep working
So, what motivates people to work past retirement age? The answer is a mix of public policy and personal circumstances. The Golden Age Index identified three main drivers that influenced this decision.
Pension policies: The more governments spend on pensions the less incentive people have to keep working. The amount they receive and the age that workers are eligible to receive a pension also influence the decision to retire.
A 2012 study by Hurd, Mitchaud and Rohwedder found that public pensions have a negative effect on people’s savings and encourage them to retire early. The study concluded that a $10,000 increase in public pension worth reduces the average retirement age by roughly one month.
Life expectancy: Longer lives equate to more time spent working and there is a strong link between good health and participation in the workforce. Government healthcare policies and medical breakthroughs can facilitate people working to an older age.
Caring responsibilities: A person’s personal and financial situation are also important considerations. Caring for a spouse or a dependent could remove people’s freedom to keep working, if state care and benefits are not available. This will obviously differ from country to country.
However, taking things easy might be contagious. A husband or wife’s retirement could become an incentive for their partner to retire, too. A paper by Patrick Hesselius suggests that average sickness absence from work increases for women when their spouse retires.
Have you read?
Adapting to change
Technology is transforming the way we work. Innovation, automation and AI developments create new jobs and make existing roles obsolete. The workforce of tomorrow will need to be flexible enough to pick up new skills quickly or transfer the ones they already have.
Adapting to a future with less job security may prove challenging for older workers, who are more likely to face the consequences of automation than their better-educated and better-trained younger colleagues.
The top spots on the Golden Age Index are occupied by countries that have put policy measures in place and reformed their labour markets to target older workers.
The report recommends raising the retirement age to keep people in the workforce longer. However, to maximize the benefits of this policy governments need to support workers with lifetime learning and retraining programmes, to facilitate the skills needed for longer careers.
Making work options and pensions more flexible also supports the changing needs of older workers, by increasing opportunities for part-time or temporary jobs, as well as offering partial retirement options.
The physical needs of older employees is another important consideration. As well as adapting roles, employers can redesign factories and offices buildings to attract older workers.
The Golden Age Index figure of a $3.5 trillion boost to the OECD economy may still be some way off, but if more countries adapt the structure of their labour market and adopt a more flexible approach to older employees, the world will be working towards it.
Quick and Dirty
Things that are fixed with great speed, but as a result, it’s probably not going to work very well. The quick trip this year did not expect any result even after a month and I was little depressed. But the Brainwave and Udemy courses I am doing are really balancing.
There’s No I in Team
To not work alone, but rather, together with others in order to achieve a certain goal. The recent attempts to work as a team member without putting skin in the game has not worked. Partner trouble of the past always comes back however much I try to let it go.
Burst Your Bubble
To ruin someone’s happy moment. No I did not and will not do that.
Break The Ice
Breaking down a social stiffness. Hmmm… I think I shall shrink all other social activities and whatever is going on and just focus on 2 or 3 major big ticket items only. I need finishiative myself.
Right Off the Bat
Immediately, done in a hurry; without delay. But it did not yield any results. May be the introduction was not done well or my offerings were wrong or may be I was not seen as the choice or I failed to sell my services well.
I Smell a Rat
A feeling that something is not quite right, or awry. That sinking feeling ! Ahh ! but I am learning lessons on Self hypnosis and they are good. They work.
It’s Not Brain Surgery
A task that’s easy to accomplish, a thing lacking complexity. No. I do not have any simple task in my task list. I must just junk it and fill it up with small simple tasks and steps I can do and applaud myself , pat my own back.
In a Mentor’s life, Mentees come for:
1. A Reason
2. A Season,
3. Or for life and accept him/ her as Life Coach.
After a longish Five and half month I bid adieu to a worthy mentoree finally today.
Free verse by Jay
(On Cloud Nine:Meaning: Having strong feelings of happiness or satisfaction. )
Congratulations, however hard you try,
I Will always Praise.
Do congratulations make you shiver?
The communion that’s really anathema,
Above all others are the serenades.
Do serenades make you shiver?
All that is little is not hello,
hello, by all account is big.
Down, down, down into the darkness of the hello,
Gently it goes – the liberal, the high, mighty fellow.
Adieu is faces of death music.
faces of death music is Adieu.
“a strolling guitarist serenades the diners”.
“a strolling guitarist serenades the diners”,
“a strolling guitarist serenades the diners”.
Birds of a Feather Flock Together Meaning: People tend to associate with others who share similar interests or values. Have to find more and more likeminded people going forward that people poles apart.
Rain on Your Parade Meaning: To spoil someone’s fun or plans; ruining a pleasurable moment. No. Not happening. Won’t do that.
Hit Below The Belt Meaning: A boxing term. Also often used to refer to inappropriate words, or comments that are too personal. NEVER.
Poke Fun At Meaning: Making fun of something or someone; ridicule. Not happening, I am in a learning mode. Learnt a bit of self=hypnosis on Udemy and will try and find internal peace. have a Heavy head though 🙂
Quality Time Meaning: Spending time with another to strengthen the relationship. Yes meeitng coming up. started a new startup too.
Fool’s Gold Meaning: Iron pyrities is a worthless mineral that resembles gold. May write another poem today on this topic.
Tug of War Meaning: It can refer to the popular rope pulling game or it can mean a struggle for authority. Have no tug of war situation except one tough pricing negotiation coming up tomorrow..
Curiosity Killed The Cat Meaning: Typically said to indicate that any further investigation into a situation may lead to harm. I think enroling in 58 couses on Udemy is ENOUGH !
Throw In the Towel Meaning: Giving up; to surrender. No. Never. Not happening.
Eat My HatMeaning: Having confidence in a specific outcome; being almost sure about something. Yess. Will begin teaching SCM Logistics course again and take up paid coaching/ mentoring assignments for Branding/ Hyperscaling of startups.
Wake Up Call Meaning: An occurance of sorts that brings a problem to somebody’s attention and they realize it needs fixing. Just wondering, how many wake up calls one needs? One per day? For those day dreaming? Multiple times a day:)
Like Father Like Son Meaning: Resembling one’s parents in terms of appearance or behavior. Hmmm…. Appearance is OK. Behavior – may be not! 🙂
In the Red Meaning: Losing money. Being in debt. But the people in Red so get habituated of high living and dependence on others money – they seldom come down from their high horses.
A Chip on Your Shoulder Meaning: Being angry about something that happened in the past. Yes. It happens to me all the time. Difficult to let go of the past.
Mouth-watering Meaning: Delicious; something that looks or tastes appetizing.
Foaming At The Mouth Meaning: To be enraged and show it. Ha Ha ha – I do it without foaming at the mouth – I type!
Cry Wolf Meaning: Someone that calls for help when it is not needed. Someone who is lying. Hmmm… many recent cases of false alarms responded – leading to waste of time and going into a spin unnecessarily.
Easy As Pie Meaning: Something that is easy. Nothing is? Is there anything easy at all?
Tough It Out Meaning: To remain resillient even in hard times; enduring. Tough minded optimision, grit, determination and a firm commitment – yes, that’s what it is for me.
- Shot In the Dark Meaning: An attempt that has little chance for success. But worth taking. I don’t leave till the end, whenever it comes – it may or may not come. Keep at it.
- Birds of a Feather Flock Together Meaning: People tend to associate with others who share similar interests or values. Yes. Especially Conniving, Nefarious, Nexus of Corrupt always find ways to come together.
- On the Ropes Meaning: Being in a situation that looks to be hopeless! Hmmm… In such cases, I do not persist. I take a walk. A childhood trait. Whenever there was an issue about Captaincy and someone wanted to be one instead of me – I’d walk away and start a new club, a new team and remain the Captain. What an authoritarian, autocrat I was. No?
- Down And Out Meaning: (1) A term used in a boxing. (2) Someone who has become incapacitated. No. Never. Never give up. I was able to contain the heart disease with Doctors, family help and my own determination. I still live with half a heart pumping at only 35% but I choose to live and not give up.
- Hear, Hear Meaning: A shout of agreement, or to draw attention to a speaker. No many times do we hear this. These days, like the purchase managers of the olden days, people are taught to say NO NO NO NO till their tongue bleeds. 🙂
Good I learnt in childhood to play Boxing ( Even have a Stitch mark as memory below my lips – given by a worthy opponent) but LIfe sometimes teaches us great lessons.
Roll With the Punches Meaning: To tolerate or endure through the unexpected mishappenings you may encounter from time to time. Some were of course, my play and some of course happened or were stage managed by others. It happens.
Barking Up The Wrong Tree Meaning: To make a wrong assumption about something. I don’t. I perceive, Do loud thinking and after thinking make Judgement calls never assumptions, presumptions of guess work.
Dropping Like Flies Meaning: To fall down ill or to die in large numbers. Sad it happened in near family yesterday.
Down For The Count Meaning: Someone or something that looks to be defeated, or nearly so. Don’t know how this will happen or what hidden message is here.
Throw In the Towel Meaning: Giving up; to surrender. I surrender to love or to God. As they say in Urdu couplet Kaho na Khuda ( God) se langar utha de or Kaho Nakhuda Se (Human being) Langar utha de – Main bhi toofan ki zid dekhna chahata hoon !
Know the Ropes Meaning: Having a familiarity or understanding of how something works. Process is so critical to know. At times this takes my longest time researching before mentoring or during.
Cut To The Chase Meaning: To get to the point, leaving out all of the unnecessary details. It is a habit. It is called Occam’s Razor.
Needle In a Haystack Meaning: To keep going, pressing forward; never stopping. I just registered for 3 new Udemy courses. Already done 14. Learning never ends.
Wild Goose Chase Meaning: Futilely pursuing something that will never be attainable. So finally, I gave up the chase. No more.
Not the Sharpest Tool in the Shed Meaning: Someone who isn’t witty or sharp, but rather, they are ignorant, unintelligent, or senseless. It is best to Ignore them. Ignoring is to kill.
Happy as a Clam Meaning: The state of being happy; feeling delighted. I am! Feels great to study new courses which bring new skills, knowledge and provide me new tools.
A friend sent a presentation of a new biz today. Wonderful implementation plan, business plan and hyperscalable model I like.
I was angry, very very angry and defocused and depressed on 13th May.
I channelised my energies to get 14 new learnings and certifications from Udemy on subjects I had never explored.
My blog is in front of you which now has over 21ooo views, 11500 likes and on linkedin I now have over 13000 follower. I focused and channelised my anger and negative energies to convert it into POSITIVE.
The result – My Sugar average for90 days fell to 6.75. Weight dropped by 12 kilos and my BP came normal. My heart doctor permitted me to travel ! WOW!
Make Anger Work for You
Hell hath no fury like me in a political argument. My heart pounds. My breath speeds. My face reddens. I look like I just worked out, but that sweaty, vibrant flush is pure, righteous anger.
Wise people throughout human history have taught us to beware the excesses of anger. Christianity, Islam, Buddhism, and ancient Greek philosophy all provide some choice wisdom on the subject. Science bears these teachings out. Frequent, intense, or prolonged anger causes physical and psychological stress, increasing our risk of committing intimate partner violence, getting into a car crash, abusing drugs, and even suffering from heart disease.
Yet there’s another body of evidence, which indicates that not all anger is bad. Indeed, psychologists argue that in moderate doses, anger can: motivate us, make us more creative, deepen our relationships, help us advocate against social ills, and inspire us to pursue our goals.
Imagine anger as a big dog. When it’s out of control, that dog becomes a risk not only to intruders but to its owner. But sometimes, a barking dog can help keep its owner safe — as long as the owner trusts the dog won’t turn on them or their loved ones. In the same way, by dealing with anger mindfully, we can channel our rage to address the underlying issue — without the big dog of our anger turning around and biting us in the process.
The Surprising Benefits of Seeing Red
Just like our dogs bark when a suspicious stranger comes to the door, anger is the human brain’s way of signalling that something just isn’t right. Human beings are highly attuned to standards of fairness, and when we experience disappointment, disrespect, injustice, or unmet expectations, we may become angry.
That’s not inherently a bad thing. At best, anger can be a mark of conscience. As the American Psychological Association points out, if it weren’t for righteous anger at injustice, women may still not have the right to vote. In our personal lives, anger can help us work harder to achieve our goals. Several studies have found that anger can help us advocate for ourselves, with people who demonstrated anger in mock negotiations having their demands met more often than people who projected happiness.
While anger can distort our thinking and make it difficult to reason calmly, under certain conditions it can actually make us more rational. Even the irrational side of anger can be good, making us more creative. While in the long term, anger is an exhausting and unsustainable emotion, research has shown that feeling anger allows us to think in more unstructured ways for short periods of time, opening our minds to inspiration.
When Your Anger Keeps You Back
Seeing red isn’t always rosy. While anger itself is value-neutral, dealing with that anger inappropriately — either by repressing it or by harming ourselves and others — can have negative consequences for ourselves and our relationships. Think again of that dog: if you let it run wild without any training at all, it will bite you; but if you keep it in a cage all the time, it may act out against strict restraints.
Unhealthy ways of coping with anger include aggression toward yourself or others, like shouting, screaming, physical violence, and self harm. Some people may become passive aggressive, withdrawing and acting out rather than engaging affirmatively with the conflict.
While aggression can help us get what we want, it can also have negative long-term consequences. Anger helps us most in negotiations when the person we’re negotiating with is less powerful than us or has fewer options than we do. While we should be assertive in advocating for ourselves, there’s a fine line between being a tough negotiator and a bully: no one wants to be that person screaming curses at a service worker in public.
Channeling Anger in a Healthy Way
So how do we train the dog? Just like we’d search for what made our dog bark so we can address the threat, we can understand what our anger is telling us and make positive changes.
Some psychologists recommend the STAR-R system as a way of mindfully dealing with anger. STAR-R stands for Stop, Think, Ask, Reduce, and Reward. If you find anger is overwhelming you and affecting your daily life in a negative way, you can use whatever method works for you. The shared goal is to slow a situation down and take a moment to think so we don’t harm ourselves and others.
Let’s use the example of me in a political argument, with which I started the piece, to understand how the STAR-R system works. Picture me, sitting at a friend’s kitchen table as another guest makes comments I find offensive. My heart is beating faster. My color and voice are both rising. I’m about to shout something spiteful or aggressive rather than engaging and productive.
First, I can stop. I can check in with how I’m feeling. I can notice my racing heart, my labored breathing, and the burning feeling in my chest. I can begin to calm myself down by taking a long, slow breath.
Next, I can think. What will happen if I lose my temper? While I may genuinely find this person’s behavior objectionable, if I scream at them or insult them, they will disengage and double down on their viewpoint, and I won’t be able to get my point across or change their mind.
Then, I can ask. Why am I so angry? Are their comments discriminatory against my identity or the identity of my loved ones? Am I hungry and tired, and thus have a shorter fuse than usual? Are there more productive ways I can engage with this person and issue to enact the social change I care about? At this stage, I can imagine alternative ways to approach the situation in order to address the underlying problem. For example, I could invite my “opponent” to have a longer discussion over coffee; I could go shout slogans at a protest; or if my opponent has a misconception about mental health, I could help educate myself and others by writing an article about the issue for Talkspace!
Finally, I can reduce my anger by taking a moment away from the conversation to collect myself, or by having a snack if I’m hungry and irritable (hanger is real!).
The final step in STAR-R is reward. This calls for acknowledging when we’ve successfully approached our anger mindfully instead of acting out, and perhaps giving ourselves a well-deserved treat.
Make Anger Work for You
There’s nothing shameful about a dog barking when it’s hurt or hears a scary noise. In the same way, there’s nothing inherently wrong with anger. Rather than shying away from anger, repressing it, or losing our heads at every slight, we can view anger as our body’s invitation to address an unmet need, right a social wrong, or solve a conflict.
Anger is a powerful emotion and coping with it in a healthy way is hard work. We won’t always get it right, but we can acknowledge our effort, channel our anger into things we really care about, and — as always! — commit to growth.
I did and since 13th May I got 14 certifications. Got 20000 Views on my blog and 10000 likes and now have nearly 13000 followers on Linkedin – visit http://www.parkhe.com
Close But No CigarMeaning: Coming close to a successful outcome only to fall short at the end. Will make sure, this does not happen today.
No Ifs, Ands, or ButsMeaning: Finishing a task without making any excuses. Yess. FINISHIATIVE.
Burst Your BubbleMeaning: To ruin someone’s happy moment. NO. Don’t want to do that.
Don’t Count Your Chickens Before They HatchMeaning: Do not rely on something you are not sure of. Sane advice. So many plans put in motion, so many processes and work in progress that my elder cousin warned me not to take too much on my plate. Sane advice. I am still far away from my 9 kilo weight reduction goal for this month.
Cry WolfMeaning: Someone that calls for help when it is not needed. Someone who is lying. Yes. It happens again and again and again with me and I always fall prey. God give me a Midas touch – Nay! Give a truly healing touch I PRAY to you.
Knuckle DownMeaning: Getting sincere about something; applying oneself seriously to a job. All the time. Never changed on this. Keep at it. That’s my philosophy and that’s what I preach and practice.