Nigeria, with a statutory pensionable age of 50, has only 4.8 workers supporting each senior, compared with 19.4 as indicated by conventional measures. The world’s working-age population is shrinking faster than expected, leaving fewer people to support a growing number of seniors, according to the Bloomberg Sunset Index.

Conventional measures of old-age dependency calculate the ratio of people ages 65 and older with those of working age: 15 to 64. But many people stop working well before 65: Men in 66 percent of the 178 countries Bloomberg evaluated and women in 78 percent can begin receiving retirement benefits earlier.


So the Bloomberg index calculates dependency based on each country’s statutory pensionable age, revealing substantial differences in some places with 2016 estimates from organisations including the World Bank and United Nations. Nigeria, with a statutory pensionable age of 50, has only 4.8 workers supporting each senior, compared with 19.4 as indicated by conventional measures. Russia has 2.4 instead of 5.1, and Colombia has 4.5 instead of 9.4.


As seniors increasingly outnumber people still in the workforce, pressures rise on investment pools, medical systems and funds to build economies for future generations.

“The demographics cannot be ignored, but there are solutions,” said Suzanne Kunkel, director of the Scripps Gerontology Center at Miami University in Oxford, Ohio. “Those solutions need to be cultural, political, economic. There is no magic answer. The reality is China will deal with it differently than Italy.”

Asia could be facing the toughest choices in allocating resources. The Asia Pacific Risk Center estimates the region’s elderly population will rise 71 percent by 2030, compared with 55 percent in North America and 31 percent in Europe.

The retirement age in China — with almost 22 percent of the world’s 65-plus population — is 60 for men and 55 for women. The Bloomberg Sunset Index shows 3.5 workers supporting each senior there; conventional calculations indicate 7.3.



Read more https://rezponder.com/nigeria-among-countries-struggling-support-retirees/

Why am I not surprised

Previous administration spoiled everything

Baba is fixing it

Calm down

What else do you expect in a sharing economy?

sarrki:
Previous administration spoiled everything

Baba is fixing it

Calm down

Previous admin was able to because of our sharing and exploitation oriented structure. I support restructuring anyday anytime.

sarrki:
Previous administration spoiled everything

Baba is fixing it

Calm down

u dey vex me, pls be realistic 4 once, its not getting funny anymore, its hard out here