Aging Population and Its Effects on Job Market, Healthcare Research Paper

Aging Population and Its Effects on Job Market, Healthcare - Research Paper Example   Population aging is a problem of the future, as noted by Michaelis and Debus (2010). There is the likelihood that the elderly groups will double by 2050. There is a compelling need to ensure that people grow old with dignity and security. The old generation needs to participate in social life just like other citizens with full rights. Rights accorded to the senior citizens should not be inconsistent with other groups so that a reciprocal intergenerational relationship is encouraged. Aging has a direct impact on the job market, given that improved life expectancy will influence someone's decision to remain employed.The aging process is strongly linked to changes in income and earnings of persons nearing retirement age. Several factors have been proposed to influence the labor force decisions of older people as compared to the younger generation. Such factors include changing preferences for leisure, deteriorating health conditions and constraints in demand concerning the availabil ity of part-time employment opportunities in semi-retirement. The old age is seen to be less responsive to changes in the workplace. Employers are also unlikely to hire older people or sustain them for long at workplaces. The change in priorities of both aged working group and employers is more likely to cause shortages in the labor market. For example, in the medical profession, there is a large number of aging professionals who opt to retire. These decisions create a vacancy and lack of smooth transition in places of work.