Global Journal of Human-Social Science, A: Arts and Humanities, Volume 22 Issue 8

force will have shrunk by 21%: from sixty-two to forty- nine million . 6 In 2018, Japan’s total fertility rate was 1.42. 7 The situation is alike in the European Union. By 2070, 30% of people living in the EU-27 are projected to be aged 65. People aged 80 may represent 13% of the total population of the bloc. Themedian age is on the rise and is projected to reach 49 by 2070. The working-age population (20- 64) has been shrinking for years, and it is projected to represent 51% of the total population of the EU-27 by 2070. The EU-27 plus Switzerland and the UK are likely to lose 13.5 million working-age population by 2030. At the same time, Japan’s average life expectancy at birth is 81.25 years for males and 87.32 years for females. If the trend continues, Japan risks having 1 child under 15 for 3 pensioners over 65 by 2050. 8 In addition, the EU’s-27 fertility rate, which has oscillated between 1.25and 1.55 in the last few decades, remains far below the 2.1 threshold to keep the population size constant. Except for very few local regions and municipalities in France and other member states, all EU-27 member states have been shrinking demographically . 9 "The Socio-Cultural Implications of the Aging Population in Japan," Capstone Projects and Master's Theses , May, 2018, https://digitalcom mons.csumb.edu/cgi/viewcontent.cgi?article=1289&context=caps_th es_all.;Tami Saito et al., “Population aging in local areas and subject ive well-being of o lder adults: Findings from two studies in Japan,” BioScience Trends 10, no. 2 (2016): 103-112, By 2070 the EU’s share in the world’s population is projected to decrease to 4% from 12% in 1960, making it the second-smallestslice of the world’s http://doi.org/10.5582/ bst.2015.01174. 6 Claudia Irigoyen, “Tackling the Declining Birth Rate in Japan,” Centre for Public Impact , last modified April 7, 2020, https://www. centreforpublicimpact.org/case-study/tackling-declining-birth-rate- japan/. 7 Claudia Irigoyen, “Tackling the Declining Birth Rate in Japan,” Centre for Public Impact , last modified April 7, 2020, https://www. centreforpublicimpact.org/case-study/tackling-declining-birth-rate- japan/. 8 The future of work in Europe https://www.mckinsey.com/~/media/ mckinsey/featured%20insights/future%20of%20organizations/the%20 future%20of%20work%20in%20europe/mgi-the-future-of-work-in-euro pe-discussion-pape r.pdf 9 https://ec.europa.eu/inf o/sites/default/files/demography_report_2020 _n.pdf; Ageing Europe - statistics on population developments https:// ec.europa.eu/eurostat/statistics-explained/index.php?title=Ageing_Eu rope_-_statistics_on_population_developments#:~:text=In%202019 %2C %20there%20were%2090.4,22.1%20%25%20in%20predominantly %20rural%20regions; Ageing workforce: https://www.eurofound.e uro pa.eu/topic/ageing-workforce; Population structure and ageing EUROSTAT https://ec.europa.eu/eurostat/statistics-explained/index. php?title=Population_structure_and_ageing; Population: demo- graphy, population projections, census, asylum & migration https:// ec.europa.eu/eurostat/web/population/overview. population after Oceania, followed by Northern America in the third place . 10 Although longer life expectancy is a good thing in itself, it has far-reaching implications for the sustainability of public finance, growth prospects, productivity, and intergenerational equity . 11 According to an OECD report, older adults consume around 40-50% of the health budget, and theaverage health care cost per capita for older adults is 3 times higher than for the working population . 12 Before the pandemic of Covid-19, the EU-27 was projected to dedicate 26.6% of itsGDP by 2070 to attend to the needs of the 65+ age group. 13 As the proportion of people over 65 in a society increases, people of productive age (14-64) facegreater fiscal burden and social obligations, which is known as the old-age dependency ratio. “Old- age dependency ratios will rise in all G20 members in the next decades, although at different paces. Japan is experiencing the fastest aging of its population, with 47 people older than 65 per 100 working-age adults in 2015, up from 19 in 1990, and rising to 80 by 2060. Among advanced G20 countries, Italy, Germany, and Korea will also face some of the most significant challenges from aging. ” 14 This burden can be further aggravated by early retirement, increasing expenditure in the medical sector related to geriatric care, palliative care, and chronic conditions. Additionally, the risks of old-age poverty and inadequate care for persons with disabilities may increase as well . 15 To address the trilemma of longer life expectancy – rising social spending – shrinking demographics, governments in developed countries have considered a broad variety of measures ranging from raising the retirement age and introducing co- payments for some medical services to re-incorporating retirees into the labor market on a part-time basis; reconciling work and family life; increasing employment opportunity for women; improving labor qualifications of 10 https://ec.europa.eu/info/sites/default/files/d emography_report_20 20_n.pdf; Population pyramids, EU-27, 2019 and 2050 (% share of t otal population) https://ec.europa.eu/eurostat/statistics-ex plained/in dex.php?title=File:Population_pyramids,_EU-27,_2019_and_2050_ (%25_share_of_total_population)_AE2020.png. 11 https://www.oecd.org/economy/ageing-inclusive-growth/. 12 Dang T., Antolin P., Oxley H., Fiscal implications of ageing: pro- jections of age-related spending, OECD Economics Department Working Paper, OECD, 2001. 13 https://ec.europa.eu/info/sites/default/files/demography_report_20 20_n.pdf 14 https://www.oecd.org/economy/ageing-inclusive-growth/ 15 Ageing Europe looking at the lives of older people in THE EU 2020 https://ec.europa.eu/eurostat/documents/3217494/11478057/KS-02- 20-655-EN-N.pdf/9b09606c-d4e8-4c33-63d2-3b20d5c19c91?t=1604 055531000 Volume XXII Issue VIII Version I 24 ( ) Global Journal of Human Social Science - Year 2022 © 2022 Global Journals A Can the 4 th Industrial Revolution be a Solution to the Challenges of Social Aging?