Life expectancy is increasing making people live longer after retirement while this is good for them because they can make more in their lives, it creates several problems such as lack of employees and pension issues which can be solved by increasing retirement age and salries
First problem is lack of workers which is caused by small retirement age. In many countries the limit of pensionably age is 60-65 years old after which many elderlies live another 20 years getting pension and benefits like free travel by public transport or visiting museums.It results in increasing taxes for ordinary citizens and businesses. Moreover the decreasing number of employees can reduce the production of goods.Many factories require 45 or less age to work in their company which causes the lack of aged and more experienced workers and increases pensioners
There are also several solution to tackle these issues. Firstly governments can increase the retirement age limit to 70-75 years.This can cause signifact changes in economics and healthcaring by decreasing taxes and fees for citizen. Secondly salaries can be increased especially for aged people to motivate them to work.Additionally governments can also make healthcare for working elderly to make their life easier
In summary, although this issue is becoming increasingly serios , effective solutions such as increasing retirement age and salaries can significantly improve this situation