I have been talking and writing about this national challenge for the past five years or so. I have suggested that it's time for company executives to change the retirement age from 55 or 60 to 65 as a minimum.
What is not mentioned in The Nation's story is the contraction of the labour force, which is the other added pressure on the aging society.
There are now 38 million workers in Thailand of which only six million hold a university degree. The 38 million will decrease to 30-32 million at the same time as the total population will increase slightly. In other words, the pool of white and blue collar workers, including the real talent (whatever that number is), will be an even smaller proportion than today.
If you think it's difficult to find people today, you ain't seen nothing yet. Welcome to the real world. It's time to think about your Employee Value Proposition; i.e. how do you brand your company to attract the talent out there?
Nearly one-third of the Kingdom's population will be over 60 years old by 2031, according to the Office of National Economic and Social Development Board (NESDB), with impacts to be felt widely. "This does not mean just the elderly population is growing, but it means the percentage of young people at work is shrinking," Deputy Prime Minister ACM Prajin Juntong said at a brainstorming forum yesterday. The Thailand Research Fund (TRF) organised the forum to address challenges from the growing elderly population and to nudge all stakeholders into making preparations to cushion impacts from the population shift. NESDB secretary-general Dr Porametee Vimolsiri said Thai society, as well as its elderly citizens, must change its attitudes to understand that the elderly could be independent and serve society.