The NBS criteria for working age is 15 to 59 years old. Many have called for the government to relax the policy even though there is no guaranteed that it would solve the working age dilemma right away. This working age problem mainly affects the labor wages. With shrinking supply of labor, the wages will increase significantly and make China a less attractive location for production and investment. In addition, China will faces another problem.
The Aging Workforce The aging workforce is largely the result of boom in births during the 1946-1964 periods. “Older workers are often perceived to be resistant to change, particularly in implementing radically new programs and utilizing new technology that break from long-established ways of doing things. look up proper citing” With the aging workforce, it is seen that younger workers are less exposed to promotions or advancements within organizations. Older workers are staying in their jobs much longer and therefore they demand higher wages because they possess the knowledge and experience that the younger workers would not yet have. However, younger workers have the advantage of technological skills that they have been exposed to while growing up.
Retirements are attractive to employers because they provide turnover that allows the hiring of younger workers. Additionally, the younger workers are more likely to have acquired the latest technological skills. Seeing that most older workers are better paid due to their years of service, they can often take up the amount of money a company would pay to a young employee (Hodson & Sullivan, 2008). The United States of America has learnt that prejudice against women (sexism) and against race (racism) was costly to society. Productivity suffered.
Ever since the Great Depression, the minimum wage has been in effect — in order to reduce poverty and solidify that employees are paid a reasonable sum. Although the minimum wage can be beneficial and advantageous for individuals and to our economy as a whole, it can also be detrimental to our nation’s finances. The federal government should not allow this to pass, but rather they should increase the citizens’ knowledge of the pernicious consequences and complications that will arise with a higher minimum wage, especially one as high as $15 per hour. Some of the resulting conflicts that will occur if this possible raise in the federal minimum wage takes effect are: job loss, business failure, higher consumer prices, and a lower demand for uneducated employees. Although it may appear as if increasing the federal minimum wage will help to lift families out of poverty, in
The wage gap has dwindled over the years; however, the progress has slowed down in the past two decades. “At the rate of change between 1960 and 2016, women are expected to reach pay equity with men in 2059” (AAUW). “If change continues at the slower rate seen since 2001, women will not reach pay equity with men until 2119” (AAUW). Decreasing the wage gap will boost the economy, consumer spending will increase, and employers will attract top-tier employees that will stay for the long-term. Susan B. Anthony was known in the 1800’s for promoting women’s voting rights
As the mandatory retirement age is increased, and there are fewer jobs as they require experience. On the other hand the people are leaving the jobs before the mandatory retirement age, and take early retirement. This is the result of unemployed benefit policy of government, and the pension plans. The labor participation rate is badly affected as shown a declining trend, which is due to early retirement o baby boomers and lack of willingness to do the job and high turnout ratio of the millennial”. In response to this the millennial argued that,” We won’t stick to the work until we recognize our capabilities and expertise, and get the desired job, with lucrative pay.
How is it fair for someone to be forced to quite a job that they still may need to help make payments and live off it? Just because someone is in their sixties doesn't mean that they aren't mentally and physically able to get the job done. On the other hand, we have the proponents who like that retirement should be made compulsory at age of 60. People over the age of 60 get many diseases. People who have disease can't work and earn money as much as people who are healthy.
This acts as a threat towards the local young professionals. The boost of foreign workers would indirectly affect and contribute to a higher income gap between the low wage earners and high wage earners, worsening inequality. With the educated and professional foreign workers, there will be competition which may result to our locals losing out to foreign workers. This means that locals will have no choice but to try out other jobs which have lower wages or they might even be discouraged and fall out of the labour force rank. With more locals with lower wages, this will stretch the income gap even more.
On the other hand proponents of forced savings believe that saving for retirement is something that requires a lot of long-term discipline. For the majority of people, this is not an easy task. There have been many cases of individuals who have squandered their savings on business ventures, gambling and imprudent spending. Thus, while enforced savings schemes like Singapore’s CPF may interfere with an individual’s rights, it does ensure a steady accumulation of much needed savings for retirement. As the escalation of cost of living is experienced worldwide, and life expectancy continues to rise, it is crucial that individuals have a sizeable retirement fund in order to continue to have a reasonable standard of living.
By the time these workers try to join in the Philippine workforce, most of them would probably experience age discrimination (Mateo, 2014). The demand for younger workers is evident on advertisements posted on various career websites or other medium which includes age as one of the minimum qualifications which is usually pegged at 30 years old and below (change.org, n.d.). It is a common perception that older workers are considered liabilities of an organization. They are prone to health deterioration which prevented them from performing certain tasks or responsibilities at work. Also, older workers are more resistant to changes in the workplace on aspects such as technological advancement or reorganization.