What next for countrys aging workforce?
September 12 2006 With the country facing the challenge of a rapidly aging workforce it needs to look into ways to improve retirement security as only 10 percent of its workers have a pension plan, a survey says. Research conducted by consultancy firm Watson Wyatt Worldwide shows that Indonesia’s workforce aged 50 and above reached 16 percent in 2005. And it is likely to rise to 28 percent in 2030 and 37 percent in 2050. In absolute numbers, the number of people aged 50 and above will increase more than threefold from 38 million in 2005 to a staggering 123 million by 2050. Indonesia’s total workforce currently stands at about 116.3 million, according to data from the Central Statistics Agency (BPS). Watson Wyatt Worldwide is one of the world’s top benefits and human resources consultancy firms, providing independent professional advice in the areas of employee benefits, human capital issues and human resources technology solutions. It has been operating here since 1973. “With the incre
