The perspective that elderly people should be encouraged to work longer and not to retire is a subject of ongoing debate. This essay will examine the benefits and drawbacks of this idea.
On the one hand, working advanced in years people could offer an unparalleled opportunity for the domestic economy. Therefore, this would be a contributory factor to increase the Gross Domestic Product, as the unemployment rate will decline. The old individuals are a highly-experienced labour force. Consequently, they could exchange experience with beginners. It is a multifaceted benefit for the students making the internship during hectic schedule. Another crusial point is anaging population, which places a strain on the government budget. The long-term ramifications are far-reaching for the tax burden. As a result, the authorities will be insolvent and under the obligation to increase taxation extremely. Hence, the government ought to encourage the elderly workforce to engage the labour activity. Otherwise, the unprecedented crisis the the healthcare system will be possible by virtue of growing expenditures for retired people.
On the other hand, the old labour force does not have a competitive edge on the market because they have to brush up or enhance their skillset and knowledge. For example, the burgeoning integration of AI into the occupational frameworks has significantly changed the requirements for the employees. Thus, they should have digital “competencies”, which is scarcely imaginable for the pensioners. It means that the use of elderly workforce would be most likely uneffective. Of equal importance are extra expenditures by employers on savety by virtue of the inherent risks of cardiovascular diseases or cancer.
In conclusion, I firmly believe that the old people should be encouraged to work in certain economic sectors. Firstly, they could diminish the burden for the government budget deficit. Secondly, they are capable of teaching the basic knowledge for beginners.