If your organization still has a 55-year retirement age, it’s time to seriously consider a change to 60 or even 65 as many countries have in Europe. They say today’s 55 year old baby-boomer is yesterday’s 35 year old Gen X. Healthy living, from dieting to exercising, are reasons why we are now in much better shape even late in our lives.
Putting off retirement would be an excellent option to Thailand’s contracting labour force and ageing society. NESDB recently suggested that the private sector boosts the number of elderly people in the workforce.
We should encourage the senior people in our organization to keep working after they reach retirement age. Companies should create jobs that suit the seniors’ lifestyles and career paths.
The shrinkage of Thailand's labour force of those aged 15-64 is forecast to be over 10 per cent from 2010-40, the sharpest among developing economies and compared to just 4 per cent in Vietnam. In the same period, other middle- to low-income countries are expected to still be experiencing an expansion in that demographic - from 2 per cent in Malaysia to nearly 10 per cent in Laos and Timor-Leste. This requires Thailand to review its economic strategy - how it will compete with other countries.