Taiwan – Workforce Will Grow Until 2030, Retirement Delayed

Filed under: International,Labor,News |

By Danny Romero – Taiwan’s workforce will keep rising until 2030 according to data from the National Development Council (NDC), despite the working age population (15-64), reaching a peak this year.

taiwanThe NDC report, which contains estimates for the nation’s population trends from this year through 2061, said the ratio of Taiwan’s working-age people to the total population is higher than those in Japan, South Korea and other developed countries, giving the country a population bonus.

“As many people aged 65 or older are still working, Taiwan’s workforce might not necessarily shrink, even though the population in the 15-to-64 demographic will begin to get smaller later this year,” Department of Human Resources Development director Lin Chih-mei said.

“Another factor affecting the size of the workforce is the participation rate,” Chih-mei said. She stated that adding that between 2009 and last year, the labor participation rate grew by 0.13% per year on average.

From January through July, the labor participation rate stood at an average of 58.68%, up 0.1% from the same period last year.

The report showed that, if the participation rate remains at last year’s level, Taiwan’s total workforce will continue rising until 2030, with an estimated 19,000 people joining the workforce annually

According to Chih-mei, as a result, this trend will soften the impact of declining birth rates and an aging population. However, as the population ages and the number of retirees increases, it will be increasingly difficult to see an expanding workforce.

Source: Staffing Industry Analysts Daily Newsfeed

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