Preparing for aging future: A national imperative

Today, we as a country, stand at the cusp of a demographic transformation. With the elderly population projected to reach 118,650 by 2047, or 7.4 percent of the total population, the time to act is now. Why, some might ask.

This demographic shift carries profound implications for our economy, healthcare system, and social structures. Without strategic intervention, the burden of supporting a growing elderly population could become unsustainable, straining both public resources and family systems. We must, therefore, confront this challenge head-on with well-crafted policies to ensure that our elderly are not left behind while maintaining economic stability.

One of the most pressing concerns is the future sustainability of social security and pension systems. As more people retire and fewer enter the workforce, the dependency ratio will shift, leaving a smaller number of working adults to support the increasing number of elderly. This imbalance will place considerable pressure on the pension systems, requiring urgent reforms. Expanding pension coverage and encouraging private savings are crucial steps toward reducing the government’s financial burden. Without intervention, we risk a social security crisis, with the elderly unable to rely on pensions for their basic needs.

Healthcare is another area where we must prepare for the shift. The elderly typically require more frequent and specialised healthcare services, leading to higher costs. Our healthcare system, already far too stretched, will need to expand its capacity to provide geriatric care. Investments in healthcare infrastructure, training medical professionals in elderly care, and promoting preventive health programmes will be essential to manage this growing demand.

Equally important is the role of the private sector and communities in addressing this shift. Our traditionally close-knit families are the bedrock of elderly care, but as family sizes shrink and more people move to urban areas, this model may not suffice. The government must develop formal elderly care services, from public care homes to professional home-based care. Moreover, encouraging businesses to cater to the elderly through insurance, financial products, and services tailored to their needs can help distribute the load more equitably between the public and private sectors.

Economic productivity will also be key. As the working-age population shrinks, we must find ways to boost productivity and ensure that those who can work are empowered to do so. Extending the retirement age and promoting active aging—where the elderly remain in the workforce through part-time work or entrepreneurship—are vital measures. Also, greater labour force participation among women and investments in technology and automation will help mitigate the impacts of a shrinking workforce.

The time has come and we cannot afford to ignore the challenges that an aging population poses. This demographic shift is not a distant reality but an imminent transformation that will shape our nation’s future.