Implications of Aging in Contemporary Society Essay

A Census is a study of individuals and families to supply necessary information from national to the neighbourhood level. The United Kingdom first took a census of its population in 1801 and every 10 years thereafter. Census is an important measure to impart a good number of remarkable information about the structure of the country. The results are often used to estimate resource distribution to regional and local service providers, by governments in the United Kingdom and European Union levels. A survey conducted by Kevin Kinsella and Victoria A. Velkoff (2001) showed that global population is aging at an unprecedented rate. This means that there are more elderly citizens across the globe, not just in the United Kingdom. Implications of Aging in Contemporary Society The 2001 UK census revealed that there are now more people in the United Kingdom over the age of 60 than people under the age of 16. This shows that there are more older people in the UK than younger people. Economically, this has implications in today’s contemporary society. The valuable history of a society is sustained, communicated and improved in grand showcase through the participation and contributions of older persons. These elder persons will likely to get low-wage jobs which mean less income from which to put aside for retirement and are less likely to be covered by private pension plans. Low paying employment form the least secure fraction of the labour market, leaving these workers jobs more susceptible to unemployment. The so-called age dependency ratios or the ratio of retirees to workers, will be higher than we look at it today. The implications of this development are simple. The collective effects of less workers, more retirees and longer retirement periods endanger not just the continuity of pension systems but also the larger fiscal prospects of countries such as the United Kingdom. A summary report conducted by Schwab, K and Samans (2004) stated that the most effective solution to this is quite complex. That is to have more workers, longer careers, higher productivity and more global exchange and cooperation. With a diminishing supply of young workers, the older workforce will have to put more years in the labour market. This is one of the many consequences of the growing financial problems of retirement systems. The ageing trend will also have to be attended by a modification of stance towards the older workforce and practical guidelines for boosting training, efficiency and integrity of work for the older workforce. Working longer and retiring later while paying higher pension payments for reduced pensions can be viewed as a venture from a reorganized regime, bringing portions of the fruits of progress to early retirement with occasionally high wage replacement rates. A phenomenon has come up with the aging of our societies through the advent of organized retirement programs. These programs basically owe their subsistence to the rising worker efficiency and principles of living and the idea that these developments or improvements should be shared among workers and older members of society. The older members of the society have become mostly dispensable in the fabrication of economic goods in developed economies. Conclusion Since the survey is aimed at coming up with figures to help in determining the distribution of resources, the United Kingdom governments will have to allocate its revenues to both the young and the old. What the 2001 survey showed is that the government will carry out programs that will help the elderly population of the Kingdom. The aging phenomenon goes past the composition and funding of government programs to bigger concerns about falling productivity and standards of living. Everyone is a consumer and all consumers jointly rely on people to produce the goods and services they consume. Retirement schemes let older people to continue to consume without openly giving to the useful ability of the economy. The survey by Kevin Kinsella and Victoria A. Velkoff (2001) further said that there are now about 420 million elderly citizens worldwide as of 2001. These individuals have actually paved a better way for this generation. Sources Kinsella, K. and Velkoff, V. An Aging International Population Reports International. U. S. Government Printing Office, Washington, DC, 2001. Living Happily Ever After: Schwab, K and Samans, R. The Economic Implications of Aging Societies. Executive Summary of a Report to the World Economic Forum Pension Readiness Initiative developed in partnership with Watson Wyatt Worldwide 2004