The population is the driving force for change. Many countries are facing an epidemic – more people leaving the workforce than people entering. If a country continues down this path.The consequences will be severe. With very few people in the workforce and so many depend on those in the workforce, more money has to be devoted to the pension. With more money going to pension, less will be put into the other areas such as education, transportation, and even healthcare. Taxation could also be increased, taking money from the people in the workforce and increasing the price of goods. When this happens, working people will not be able to afford luxury or even necessities. The economy will fail, the homeless people will arise. Many countries will face a demographic crisis.
Japan is spending a quarter of its budget on pension and social security for the elderly. The current system of Japan or Japanese social security system, the benefits are going to elder generation whereas the burden is borne by the working or young generation and it is found unsustainable.
How do we manage our elders? Are we prepared to bear the costs of the elderly? They deserved to be treated with respect. They are our parents. They are the ones that chart our future tomorrow.
About the Author
Dr. Mazlan Abbas is an IOT Evangelist and a Thought Leader. He received an award as 50 Most Impactful Smart Cities Leaders by World CSR 2017. He is ranked No. 20th Thought Leader in IOT by 2014 Onalytics Report – “The Internet of Things – Top 100 Thought Leaders”, ranked Top 10 in IoT Top 100 Influencers by Postscapes 2016/2017, ranked Top 100 in Smart Cities Top Experts by Agilience Authority Index May 2016. You can reach him on LinkedIn or Twitter. Check all his presentation slides HERE.
Don’t let them alone.