In this day and age, the tendency of old people competing for the same jobs with their young counterparts has increased rapidly in many nations. This essay attempts to explain the reasons behind this phenomenon before suggesting some viable solutions for it.
There are several causes that explain why this tendency has been more common. Firstly, as the technologies have been dominant in various fields, those advancements, including automation and AI, do not only boost productivity but also enhance how we undertake tasks more effectively and efficiently. Consequently, many tasks are now replaced by robust machines, leading to the displacement of human labour; therefore, several people have to compete with their younger counterparts for the remaining jobs. According to the New York Times, in 2024, since the rise of AI in several areas such as agriculture, education, or manufacturing, the unemployment rate had jumped from 30 percent in 2023 to 55 percent in the following year. Secondly, alongside the dominance of technologies are the economy-related impacts that entrepreneurs have to address due to COVID-19. Alongside the reduction of customers’ purchasing power, manufacturers are struggling with the costs to maintain and develop their businesses, which are becoming more exorbitant. As a result, businesses have no choice but to displace many of their employees in order to survive through economic downturns, leading to several job losses; hence, the fired workers are forced to participate in the intensified competition between themselves and the youth for the same positions. According to the Guardian, due to the economy-related effects of the COVID-19 pandemic upon the global market, the number of businesses going bankrupt has increased from 21 percent in 2020 to 53 percent in the two following years since those entrepreneurs could not afford the expenses to maintain their business ventures. Therefore, the development of the mentioned tendency has no signs of abating.
However, there are some solutions, such as informative initiatives and governmental intervention, that are feasible to address the issue. Firstly, offering individuals retraining initiatives. Specifically, businesses and the authorities should prime workers with essential skills and digital literacy; those courses do not only equip employees for a better understanding of their fields and technologies but also enhance their employability in order to compete equitably with the youth. According to a recent article from a university in Singapore, the applications of informative retraining courses for individuals have significantly lowered the unemployment rate in many Asian countries from 48 percent in 2024 to 29 percent in 2025. Secondly, governmental interventions. In detail, governments should implement some regulations, like offering tax incentives and lowering interest rates, in order to stimulate businesses for further expansion or even individuals to pursue entrepreneurial ventures, translating into job creation and economic growth. Taking Vietnam as an example, since the authority had come up with many policies to enhance the development of the national economy by applying monetary policy and fiscal policy simultaneously, their decisions were successfully boosting the growth of the national economy with the 9-percent rise in national GDP between 2023 and 2024.
In conclusion, many people are running in the race for employment with the younger generations due to the advancement of technology and the severe economy-related impacts that the COVID-19 pandemic has brought about. Yet, businesses and the government can mitigate this by dispensing useful courses and implementing appropriate financial policies for individuals to find employment opportunities in the unpredictable job markets.