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Methods of dealing with an Aging Society in Japan - Coggle Diagram
Methods of dealing with an Aging Society in Japan
structural and labor reforms
aim at increasing the nation’s productivity despite the declining labor force supply
More elderly people and women should be encouraged to play active roles in the labor force.
support young couples in raising children
Health
Healthier individuals are better able to work longer and with more energy
Protecting older individuals’ health will intensify their productivity and labor force participation
healthcare costs
effective health promotion programs
higher savings rates
increased foreign direct investment
Age free society
people 65 and older will not be considered senior citizens
encouraged to stay healthy and keep working
Economy
proportion of the elderly in the total population
increases the social security burden and benefits
reduces the labor force, which is a major factor in production
The IMF calculated that the impact of aging could drag down Japan’s average annual GDP growth by 1 percentage point over the next 3 decades
labor shortage
People retire and leave the workforce as they start aging
there are not enough young people in Japan to fill this vacuum owing to the decline in the fertility rate as well
big industry
motor vehicles and electronics
do not possess the manpower to continue at the current level of production
wages increase in proportion to length of service with a company
fewer promotion opportunities
damages workers’ morale
decrease in the working age population
Womenomics
ompanies are pressured and incentivized to hire more women and give more leadership positions to women
Japan hopes to see higher female labor force participation under tightening labor market conditions
Immigration
Allow more foreign workers in a controlled manner
conservative views on immigration with the need for younger and skilled workers to boost the Japanese economy
2 residence/visa status types for foreign individuals working in sectors that are suffering from labor shortages
April 2019
Retirement age
raise its retirement age to 77 to maintain its worker-to-retiree ratio
Retirees
retirees are largely well off and are reaping the fruits of a long and laborious life
Unsustainable for future generations
Aggravating the growing labor force shortage are the rising expenses associated with aging
caregiving needs for the ill
extra medication
hospitalization