Last year, the number of people aged 65 or older accounted for 14 percent of the population, officially making it an “aged society,” according to the Ministry of the Interior. The decline in the nation’s working-age population — people aged 15 to 65 — is expected to accelerate after peaking in 2015, economists have said. An aging population has several negative consequences for the economy, such as slower growth in per capita income and higher social security payments. It would also make it difficult for Taiwan to achieve rapid economic growth in the next few years, DBS Bank has said. Notwithstanding the concerns that an aging society brings, middle-aged and elderly people provide a growing labor pool for Taiwanese businesses.

Source: Taipei Times July 28, 2019 15:56 UTC