“Respect for the Aged Day" was celebrated on Monday in Japan and this year it had a special significance.
For the first time in Japan’s history, more than 10% of the population is over the age of 80 — and nearly a third of residents are 65 or older.
Both figures are the highest rates in the world.
But what’s good for longevity can be challenging for economics.
An aging population means fewer young people in the workforce, which tends to slow economic growth, while medical costs and social security spending rise. At the same time, fewer people are paying into those government programs.
Japan’s government has encouraged older workers to linger a bit in the workforce or to return to work if they’re able to years after the traditional retirement age.
The Ministry of Internal Affairs and Communications said the number of working seniors has grown for 19 years in a row.
Aging populations are the norm across Northeast Asia — not just in Japan, but also in South Korea and China.
China’s government reported its population began to shrink last year for the first time in 60 years.
But European countries are hardly immune to the trend.
After Japan, the countries with the highest proportion of their populations over the age of 65 are Italy and Finland.
