Chennai: India’s GDP can increase by 1.5 per cent if the growth potential generated by untapped work capacity in older people or ‘silver dividend’ is utilized, finds the Asian Development Bank. Currently, India's 97 per cent of older workers are engaged in informal work.
‘Silver dividend’ or the growth potential generated by untapped work capacity in older people can increase the GDP of Asian countries by 1.4 per cent. In emerging economies with aging populations, the effect may also be sizable. It may raise GDP in India by 1.5 per cent, Viet Nam by 1.1 per cent, and Thailand by 0.9 per cent, found a study by ADB.
Skills development and lifelong learning can make older workers more attractive to employers. By providing training programmes tailored to older adults, several economies in Asia enable them to acquire the skills and knowledge necessary to navigate the rapidly evolving job market.
They should have the opportunity to work in jobs that are less physically demanding and do not jeopardize their health. It also requires that jobs offer schedule flexibility, possibly allowing them to transition toward retirement.
However, an overwhelming majority of older workers in Asia work in the informal sector. In economies with available data, an average 94 per cent of people aged 65 and above are informally employed, often in precarious circumstances. Work informality among older workers is particularly high in South Asia: 92 per cent in Sri Lanka, 97 per cent in India, and 99 per cent in Bangladesh.
The share of informal workers in the older category, especially women, is substantially higher than the average for all ages. Women who work informally are overrepresented in manufacturing as family workers and domestic helpers. Further, older workers typically work in agriculture, which generally offers poor-quality jobs that can cause job strain. end
