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Aging Population and Its Effects on Job Market, Healthcare

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  Aging process affects the budget allocation in many countries. In light of this, the government expenditure on health takes a large part of the budget. Supply of health workers is bound to reduce as most of them will retire and reduce their working hours. With the increased numbers of senior citizens in the society and their vulnerability to infections and diseases, the budgetary allocation to the health sector is likely to rise. The phenomenon of population aging is strongly associated with health transition that is characterized by reduced rates fertility and transition from contagious diseases to non-contagious ones as well as chronic health conditions.

The increased prevalence of exposure by the aged people to diseases; means they are most likely to demand a lot out of health care services. The government has no option but to embark on preventive strategies of the illnesses and improvement of the quality of life (Timonen, 2008). Social SecuritySocial security is not spared of the emerging increasing trend in numbers of old members of the society. Vettori (2010) notes that the inflated number of aging population will affect the social security systems in two major ways: The beneficiaries will be many and that they are likely to demand benefits over a longer time frame.

In some countries, the retirement age is statutory set yet some people retire earlier to take advantage of the incentives allocated by the government. The influx put a lot of pressure on the social pension schemes. The schemes work best under certain conditions like the stability of the beneficiaries and contributors numbers. The elevated and increasing number of aging is hence detrimental (Vettori, 2010). It is prudent to note that older people who choose to remain in the job market and postpone their retirement, generate a lot of income that helps in financing the pension schemes.

It is clear then that they will not join the beneficiary’ s domain early enough to put pressure on the social security schemes.  

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