This is how retirees can get back to job market!

Soon, old age won’t be a bar from meaningful employment in India. The government is mulling bringing back retired professionals to meet the talent gap, particularly in the healthcare and education sector.

India’s population, although young, is aging quickly. As per estimates, the elderly population is set to jump by 41% in the next decade, touching almost 194 million by 2030. In fact, by 2050, the country’s elderly population will double, making up 19.6% of the total population.

Though still far, India is catching up with super-aged nations like Japan, South Korea, Portugal and more. These are countries where almost 20% of the population has hit the 65-year-age mark.

What exacerbates this concern for India is the quick pace at which its population is graying. Reports suggest that while it took France around 100 years to double its aged populace from 7 to 14%, India is poised to take only 20 years to achieve this figure.

Furthermore, a 2018 survey also revealed that the aged face greater financial hardships during what should be the “golden twilight” of their lives. Per the Agewell report, around 65% of old Indians were financially dependent on a family member or a meager pension,

As such, engaging the elderly’s expertise via part-time jobs, mentorships and consultancy is on the cards. It could also have economic benefits for the aged. Already, discussions around setting a framework for their wages, flexibility of their roles and incentivising employers to hire them are in motion. A prominent example is Japan, where 70% of the companies have increased the retirement age to propel a higher employment rate.

It can also be a boon for the young, upcoming workforce, which can immensely benefit from their experience and years of knowledge. Per the India Skills Report 2022, less than 50% of all Indian youngsters are highly employable. Solid mentorship and guidance can help them upskill, while productively putting to use the elderly’s time as well.