Early retirement hinders global growth - expert

"We need to abandon the notion that people have to retire at a certain age," The Business Times quoted Richard Jackson, from the US Centre for Strategic and International Studies (CSIS), as saying.

"There is a misconception that the productivity declines for older workers," Jackson said.

While it is true for some blue-collar workers, it is not true for "knowledge workers," he stressed.

If developing nations fail to confront their ageing challenge, East Asia faces a future of slower growth, widespread capital shortages, declining export markets and rising protectionism, Jackson said at a forum here.

A CSIS projection said falling fertility and rising longevity could increase the proportion of the developed world's population aged 65 and above to 27% by 2050, up from 15% in 2000.

The projected percentage of population aged 65 and above for the developing world is 14% in 2050 from 6% in 2000.

Solutions suggested by Jackson included the scaling back of public pension schemes, encouraging later retirement and rewarding families for raising children. - Sapa-DPA