The European Union's rapidly ageing population threatens to undermine the bloc's competitiveness, exacerbate labour shortages, inflate public budgets and deepen regional inequalities. #ThisWillImpactYourLife
These are some of the disquieting findings from a new report on demographic change released by the European Commission on Wednesday, which paints an alarming picture of the profound societal and economic transformation triggered by a shrinking workforce.
The drastic shift in the demographic pyramid will upend the labour market, with widespread shortages that could inhibit growth, productivity and innovation rates, and therefore accelerate loss of competitiveness vis-à-vis other major economies.
A dwindling workforce will inevitably reduce revenue for state coffers while piling additional pressure on public budgets to spend more on healthcare and pensions, an explosive combination that could divert attention away from the much-needed investments in renewable energy and cutting-edge technologies.
Before the damage becomes irreversible, the Commission recommends member states take decisive action, such as closing the gender pay gap, improving work-life balance, offering tax benefits, reducing childcare costs, and making it easier for young people to access quality jobs and affordable housing earlier in their adult lives.
Brussels also says it is “crucial to empower older workers to remain active for longer” through upskilling programmes and flexible working hours, and urges businesses to overcome “preconceived notions and stereotypes” about the elderly.
The bloc, which is in the midst of a hard-fought push to reform its asylum policy, received last year 3 million migrant workers via legal pathways compared to 300,000 who arrived through irregular means.
The original article contains 567 words, the summary contains 227 words. Saved 60%. I’m a bot and I’m open source!
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These are some of the disquieting findings from a new report on demographic change released by the European Commission on Wednesday, which paints an alarming picture of the profound societal and economic transformation triggered by a shrinking workforce.
The drastic shift in the demographic pyramid will upend the labour market, with widespread shortages that could inhibit growth, productivity and innovation rates, and therefore accelerate loss of competitiveness vis-à-vis other major economies.
A dwindling workforce will inevitably reduce revenue for state coffers while piling additional pressure on public budgets to spend more on healthcare and pensions, an explosive combination that could divert attention away from the much-needed investments in renewable energy and cutting-edge technologies.
Before the damage becomes irreversible, the Commission recommends member states take decisive action, such as closing the gender pay gap, improving work-life balance, offering tax benefits, reducing childcare costs, and making it easier for young people to access quality jobs and affordable housing earlier in their adult lives.
Brussels also says it is “crucial to empower older workers to remain active for longer” through upskilling programmes and flexible working hours, and urges businesses to overcome “preconceived notions and stereotypes” about the elderly.
The bloc, which is in the midst of a hard-fought push to reform its asylum policy, received last year 3 million migrant workers via legal pathways compared to 300,000 who arrived through irregular means.
The original article contains 567 words, the summary contains 227 words. Saved 60%. I’m a bot and I’m open source!