Developed country are heading toward a crisis of not enough people to do the work. Baby boomers have reached retirement age and with such a large section of society no longer contributing there will be fewer taxpayers to fund economies. Government revenues will fall. Workers can only pay so much tax. Beyond a certain level incentive to work decreases.
Despite the problem, employers still persist in seeking young employees when there are plenty of elderly people who can hold down jobs. Old legislation covering those in public service force retirement on perfectly capable workers. Some Australian states are planning to change this.
The private sector has no restrictions. Many doctors, for example, work into their 80s. This is because they are self-employed, so they can decided when to stop. Fewer retirees are offering their service free in voluntary work. This means their lives just slow down and they spend their time doing very little. Their lives would be more interesting if they were given the opportunity to work.
Life expectancy has improved. There is no rational reason to refuse work to those who want it. The retirement age will be raised to 67, but this is ten years away. Governments are now heading into a funding crises. Australian businesses are bringing in skilled workers from overseas to fill vacancies that are really are not there. Government needs to give real incentives to businesses to encourage them to offer employment to mature workers.
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