Friday, March 15, 2019

How prepared are we to face old-age ?

Reports from ILO, World Bank and OECD shows that the world’s population is aging rapidly. It is estimated that there are approximately 670 million people across the world over the age of 60. It is about 10.4 percent of the global population. By the year 2050, the total number of elderly people over 60 years is expected to have reached around 2 billion, or 21.7 percent of the total population in the world.

When people are in good health and are in productive age, they work and contribute to the development and progress of the country. Therefore, it is important that when they are older and can no longer work and contribute, they are not left behind. The prosperity achieved by the country should also be shared with them in the form of old age income security.

Further, an average citizen is not a good financial planner and might fail to set aside sufficient and well-diversified savings while young, thus running the risk of falling into poverty when old. Family support is not always available for all the elderly people, and it declines as economic development happen. Further, urbanization, migration, and labor force mobility adds to the dwindling family support. In most of the countries, elderly citizens rely traditional family support, which is under pressure.

According to the Population & Housing Census of Bhutan, 2017, the total population of Bhutan was 681,720. Out of 681,720 Bhutanese population in all age group, 63,775 were above 60 years of age. The composition of older people against total population in Bhutan was 9.36% in 2017. The total number of older people over 60 years is expected to double by the year 2030. The elderly people are more exposed to the risk of poverty than the rest of the population because of their higher vulnerability to sickness and disability.
In view of the above, reliable mechanisms that ensure systematic protection against risks of vulnerability for older persons are required. While some population groups make individual efforts and make arrangement like personal savings, investments and also through family support mechanisms, majority of the world’s population, especially in the developing world find it difficult to have access to old age retirement schemes.
In fact, in most developing countries, sources of income are unreliable even during working age for most people. This is mainly because many citizens are engaged in informal occupation and do not have reliable sources of income. Therefore, only a fraction of the world population has the capacity to fend for itself during old age. Income security in old age also helps in reducing inequality within and among countries and ensuring decent standard of living for all people.

12 comments:

  1. Good to see that you are recovering to normal life now.

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  2. Can't agree more. The ageing population is increasing everywhere around the world. People are getting more conscious about their health and thus, live longer. Many measures have been taken in some countries, although many still not really much bother about it.

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  3. Hi Tshering, finally the FCB drama seems to have ended. Sonam Tshering updated me on the status. Great job. If you believe in something, you should fight for it. There will always be some people who will take their power for granted. Only when people like you stand up for a cause will it make a difference. Otherwise, innocent people will be trampled.

    Join us for holidays with your family.

    Warm regards.

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    1. The battle is only half fought right now. True, I need break. When is the good time to soak in the Sun?

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  4. If you help me fix my business proposal, I ll buy you air ticket with complimentary hotel at BKK for 3 nights. Need to submit the proposal by April 1.

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    Replies
    1. How about roundtrip tickets for 4 with or without complimentary hotel room?

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  5. Stay put and fight till everyone involved is fixed. Don't let those guys go loose.

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    1. FCBLeaks, the moment of truth is about to come. Its going to be interesting. My ears are itching to hear truth. Thank you for your support.

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    2. I have worked with Champay Sir and I know what kind of person he is. I also know how the Druk Inventory system functions and its protocol. I have worked with Karma Nidup and his demi demons and know what they are capable of doing. If it were anyone other than Champay Sir, Karma Nidup would have easily put that person into jail. But since you were there, they could not do anything although they tried very hard. Karma Nidup forgot that he will not remain FCB CEO forever and acted as if FCB belonged to him. He knows who is responsible for data management, data deletion and replications but still he refused to side with the truth. If he did not gain anything from it, why would he side with someone knowing that person has removed the data? What was the reason for using Dinesh Subba to change the whole investigation reports? Drag everyone to court beginning from laborer to CEO, then they will know.

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  6. People will not accept that they have done something wrong until they are proven with evidences. Once they are proven guilty, they will seek for pardon. By then it is too late. If I were ICT people, I would have already tried to mitigate the problem so that my punishment is minimized.

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  7. Truth will always come out no matter how much you hide.

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    Replies
    1. Thy name is truth. Truth is beauty. It is coming out.

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How prepared are we to face old-age ? Reports from ILO, World Bank and OECD shows that the world’s population is aging rapidly. It is ...