Teaching in American and Australian universities has a distinct advantage: there is no retirement age. This is a significant victory of 'grey power'; forcing staff into retirement because of old age is now an age- discrimination offence and academics in the US and Australia can work into their 70s.
Another related issue has emerged in countries like New Zealand where, in the past, citizens could retire at 60 and then enjoy their pensions provided by the state. In the past two decades or so, because of the ageing population and the government's financial difficulties, the retirement age with state pension has continuously been raised. One can of course choose to retire anytime one likes, but the state pension now comes only in the early 60s. In view of the global financial crisis, pension provision has become a controversial political issue.
Ageing populations, low birth rates and the general improvement of health of the elderly mean most people can retire later. At the same time, as people live longer and medical costs rise rapidly, retirees are increasingly uncertain how much they need to save for a secure and comfortable retirement. Hence, more people are inclined to delay their retirement; and naturally healthy elderly people are an important human resource asset.
Most developed and some developing countries are now facing challenges from opposite ends. On one hand, unemployment is rising, especially among the young; yet on the other hand, there is a shortage of experienced qualified workers in certain sectors.
Take the example of China: unemployment among new graduates was a serious problem even before the financial downturn; now it is a political issue with local governments being assigned quantitative targets for new jobs for graduates. Severe under-employment in rural areas has been a long-term structural problem throughout China's economic development. Yet there is at the same time an acute shortage of skilled workers, technicians and experienced managers and executives.
From the elderly's point of view, it appears that a high proportion of them in Hong Kong would like to work for a few more years. Some of them simply seek engagement and job satisfaction, while others may have a financial need. Regarding the latter group, Japan is case in point. In recent years, many elderly have returned to the job market out of economic hardship resulting from inadequate savings and low returns - even heavy losses - on their investments.