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New report studies the impact of longevity on society – EU Today

Posted: October 17, 2020 at 7:01 am

A new international report launched this week ahead of the G20 Finance Ministers and Central Bankers meeting by the International Longevity Centre UK (ILC-UK), the UKs specialist think tank on the impact of longevity on society, unveils the significant, and growing, economic impact of older workers across the G20:

The report argues that leveraging the economic contributions of older people will be instrumental in the global post-pandemic recovery, and that addressing health barriers to work for older people can unlock a significant longevity dividend.

ILC-UK analysis finds higher rates of employment among older people in countries that spend more on health as a proportion of GDP. Across countries, a 1 percentage point increase in health spending is associated with a 3 pp increase in the employment rate for people aged 55 to 64. The report argues that countries also need to address other known barriers to work for older people, such as non-inclusive workplaces, in order to maximise the potential longevity dividend.

To maximise the economic contributions of older people in the post-pandemic recovery and beyond, ILC-UK is calling on G2o Governments to deliver an Ageing Society New Deal that would see countries invest more in preventative healthcare and support work in an ageing world by:

David Sinclair, Director, ILC-UK, said,Policy makers are so fixated on the direct costs of ageing that they fail to notice the significant and growing contributions that older people make. This prevents them from fully realising the social and economic potential of older people - and from appreciating the longevity dividend.

Older peoples social and economic impact is already significant, but theres potential to increase this further. The barriers they face are in part avoidable and the most important is poor health.

Despite the tragedy and the devastation, COVID-19 has placed society in an exceptional moment to prioritise health and act on ageing. It has shown us how health and the economy are linked and has exposed the dangers of under-investing in prevention.

Lets use this shift in mind-set to raise the necessary funds today to realise a longevity dividend tomorrow.

Image: strategie.gouv.fr

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Martin Banks

Martin Banks is a highly qualified journalist with many years experience of working within the EU institutions. He is an occasional, and highly valued,contributor to EU today, writing on a wide variety of issues.

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New report studies the impact of longevity on society - EU Today

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