Taiwan’s elderly workforce has continued to expand since the country entered super-aged society status last year. The number of employed people aged 65 or older surpassed 500,000 for the first time in March. Consequently this aging workforce now represents a labor participation rate of 10.8 percent. DGBAS data shows the figure rose from 460,000 last year compared to 250,000 in 2015. That marks an 84 percent increase over that period.
Several factors drive this aging workforce expansion. The number of residents aged 65 or above reached 4.67 million last year. Elderly people now account for 20.06 percent of Taiwan’s population. Societies cross the 20 percent threshold to become super-aged, according to the WHO. At the same time, employment among people aged 25 to 44 fell to 5.67 million last year from 5.99 million in 2015. Therefore a declining birthrate and population aging have created labor gaps that this aging workforce helps fill.
DGBAS Census Department Deputy Director Tan Wen-ling explained the trend. Longer healthy life expectancy and persistent labor shortages encourage seniors to remain in or return to work. Employers report labor shortages, so keeping older workers helps businesses. Meanwhile a 104 Job Bank white paper found applications from middle-aged and older job seekers rose 34.4 percent in three years. The platform received an average of 82,000 applications per month last year. More than 80 percent of such workers want to continue working after age 60. Concerns over retirement savings and rising living costs drive this desire.
Many companies still hold misconceptions about hiring older workers. 104 Job Bank manager Chan Wan-jung said employers worry about higher salary costs. Some fear that younger applicants might feel discouraged. Nevertheless survey results show 93.7 percent of workers under 40 hold neutral or positive views toward age-friendly workplaces. Some younger workers said they would more willingly apply to such companies. The National Development Council projects that people aged 45 to 64 will account for more than half of Taiwan’s population by 2037. This aging workforce will thus continue reshaping the labor market for years to come. Employers who adapt now will gain a competitive advantage later.
