Do you think that an ageing society will disappear? What are the advantages and disadvantages of having more old people in society?

Many developed countries,

for

example

, Japan, South Korea, the US etc. are experiencing the progress of turning into an aging

society

. The trend is likely unavoidable. There are both upsides and downsides of an

aging

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society

from the economic and social perspectives. It is crucial for the whole

society

to adapt to the change. A growing

aging

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population

can be beneficial to the economy in the short run. Countries with a high number of elderly

people

often have well-developed public healthcare systems and

retirement

protection. These elderly

people

are often wealthy and educated, and they may be able to defer

retirement

if they are in good health.

This

can lead to an increase in the workforce.

For

example

, in recent years, the

retirement

age in Hong Kong has been extended from 60 to 65.

Moreover

, the

aging

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population

has led to the rise of elderly industries,

such

as advanced medical care, travel, and leisure activities.

For

example

, there are travel packages and cruise tours that are specifically designed for the needs of elderly

people

.

This

sector has the potential to grow significantly in the future.

On the other hand

, an increasing number of older

people

has a negative impact on the financial burden of the

government

in the long run.

Firstly

, the pressure on different social welfare programs will become heavier.

For

example

, the annual spending on elderly travel subsidies is already HKD 100 million, and it is expected to rise in the coming years. To make matters worse, it is difficult for the

government

to curb spending, which will arouse resentment among the

aging

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population

.

In addition

, the increasing number of retirees in

society

means that fewer

people

will pay taxes in the future. It is expected that

government

revenue will not be able to keep up with the rise in

government

recurrent expenditure on elderly welfare.

This

could lead to a financial deficit in the

government

budget.

To conclude

, the rising

aging

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population

has positive impacts on

society

in the short term, but negative impacts on the

government

in the long term. Better preparation and planning for

retirement

protection and healthcare are some of the possible solutions to mitigate the effects of an

aging

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society

.