LETTER FROM THE EDITOR

The number of elderlies – people aged 60 and over – is expected to balloon throughout Asia, according to the Global Age Index report published in 2015. By 2030, the report says, the elderly population in Japan will reach 37.3 per cent, up from the current 33.1. Meanwhile, South Korea will have the second oldest population in the continent with the elderly population growing from the current 18.5 per cent to 31.4 per cent. Other Asian countries are expected to tread similar paths leading to 2030; Thailand, for example, is expected to have an elderly population of 26.9 per cent, which means that one out of four Thais will be a senior citizen. By 2030, just over a decade from today, Laos will be the youngest nation in Asia, with just 8.1 per cent of its population aged 60 and above. We have been apprized of the implications of a growing elderly population. Since a decade ago, a number of studies on China’s demographic transition has dominated the discourse on population management as China’s elderly population is expected to reach 25.3 per cent in 2030 from today’s 15.2 per cent. A direct consequence of its one-child policy, the swelling number of elderlies in China is projected to have a negative impact on its growing economy. The workforce is expected to shrink with the departure of the graying population from the factories; demand for certain social services pertaining to health, housing, and mobility is expected to rise; and robust participation of the elderly in daily social interactions, widely acknowledged as an important factor in keeping the social fabric intact, is expected to decline. There are bright spots, of course. Thanks to advances in medical sciences, the elderly are living longer and healthier, maintaining active social participation, forming strong interpersonal relationships, and even staying in the workforce. A growing number of seniors in Asia have reportedly opted to remain in the workplace, although most have traded their old professions for new jobs that pay less or offer smaller benefits. The OECD has cited, for example, that in 2016 South Koreans in the 65-69 age bracket who were gainfully employed made up 45 per cent of the population; meanwhile, those in the 70-74 age bracket comprised 33 per cent. It is not just for alchemists to turn silver into gold as opportunities for enterprises catered to the needs of the elderly open up. Eldercare offers great possibilities to entrepreneurs and investors looking to provide specialized social, economic and cultural services. We are seeing the application of technology-driven solutions and cross-tapping of knowledge and expertise in eldercare, and yet there is more to be done. A fresh start in 2019 may surprisingly come from an involvement in eldercare and related enterprises. There will be no surprises there given the actual requirements and the resources that are available.