The latest census figures released last month show that nearly 20% of Hawaiʻi's residents are over the age of 65 and many of them are still working.
An aging population is an even bigger part of the picture in East Asia — and that’s also having an impact on the workforce. Nearly a third of Japan’s population is now over the age of 65, according to the World Bank.
The bank expects that figure to rise to nearly 40% of the population by the year 2060.
Japanese Prime Minister Fumio Kishida has called an aging population combined with a falling birthrate an “urgent risk to society.”
In South Korea, that same combination is producing an unusual dynamic in the workforce. For the first time ever, workers in their 60s and above are now outnumbered by those in their 20s.
That’s according to government figures that show nearly 20% of the South Korean workforce is over the age of 60.
The combination of an aging population and a declining birth rate has gotten the attention of economic rating agencies.
In recent reports, S&P, Moody’s and Fitch have warned about the impact of aging populations on long-term economic growth.
Fitch said Taiwan and China also face challenging demographic outlooks.
Over the shorter term, these trends are producing some unusual situations. One example was a South Korean government report released last week showing the age group that had the most newly hired workers in the country last month was women in their 60s.
