Employers in Asia Pacific ill-equipped to deal with ageing workforce
By 2050, the number of people in India aged 50 and above will be one of the largest in the worldAs life expectancy increases, need for healthcare, retirement benefits will become a serious issueA well-designed scheme would "greatly enhance the ability of companies to retain competent employees"
HYDERABAD: A region-wide survey conducted by the global consulting firm Watson Wyatt Worldwide has found employers across Asia Pacific, particularly in India, as ill equipped to deal with ageing workforces.
The survey, pointing out that by 2050 the number of people in India aged 50 and above will be one of the largest in the world, says that companies can no longer afford to view retirement and healthcare benefits provision as optional.
"As competition for global talent intensifies amongst companies, well-designed healthcare and retirement benefit schemes that take into account demographic changes will be more effective in ensuring long-term corporate profitability," it says.
As life expectancy increases for the whole population, the increasing need of healthcare and retirement benefits will become a serious problem for the Indian Government and employers.
They will need to do more to satisfy the increasing needs from employees, while keeping the system sustainable, the survey notes.
The survey also cites a research by Watson Wyatt suggesting that a well-designed retirement and healthcare scheme would "greatly enhance the ability of companies in India to attract and retain the most qualified and competent employees". More details are available on www.watsonwyatt.com.