Thinking of retiring at 60? Think again – we’ll work longer, Hong Kong population projection shows
More women and older workers to fill gap in workforce as birth rate stays low and population ages
Thinking of retiring at 60? Think again, because the latest official population projection shows that Hongkongers will live longer and leave the workforce later.
The trend will mean more women staying in their jobs, with 45 per cent of those aged between 60 and 64 in employment by 2066, up from 29 per cent last year.
Experts expect the city’s workforce to shrink in the coming years, but that reduction will be delayed from previous estimates as more people aged 60 or above stay in work.
In a projection from 2015 the working population was estimated to peak next year at 3.65 million people, but is now projected to do so between 2019 and 2022, during which period the number of workers will fluctuate from between 3.49 million and 3.51 million, according to the Census and Statistics Department.
“In recent years, there have been more elderly residents staying in the workforce,” said Marion Chan Shui-yu, deputy commissioner for census and statistics. “This will reduce the financial burden on the government [as the population ages].”