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Taiwan's labor force aging: government survey

2012/05/01 21:24:59

Taipei, May 1 (CNA) Taiwan's labor force has been aging over the past decade, proven by official statistics released Tuesday indicating that the share of the labor force aged 45 years and over in the over-15 age group had grown to 36.15 percent in 2011 from 28.19 percent 10 years ago.

Directorate-General of Budget, Accounting and Statistics officials attributed the growth to a rapid rise in the population of middle-aged and elderly people over the past decade.

The agency statistics show the share of the overall population aged 45 and over in the 15-and-over segment rose from 37.19 percent in 2001 to 46.14 percent last year.

Compared with Japan, which is known for having aging society, Taiwan's labor force is still relatively young because the Japanese labor force aged 45 and over accounted for 49 percent of its labor force aged 15 and over, officials said.

The statistics also show that in Taiwan, 72.98 percent of those aged 45-64 have prepared financial plans for their retirement.

Of the retirement planners, 29.58 percent said their major incomes after retirement will be their pensions, while 28.21 percent cited labor insurance payments, 21.88 percent said they will rely on bank deposits, 6.48 percent singled out government subsidies, and 3.88 percent said investment-generated gains will fund their golden years.

The figures indicate that most people plan to live independently after retiring rather than being dependent on their children, the officials said.

(By Lin Huei-chun and Elizabeth Hsu)