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<ul class="summary-list"><li>A lot of Americans are saving way more than they need to.</li><li>That's largely due to anxiety about higher costs of living, especially in retirement, experts told BI.</li></ul>Being thrifty is a full-time job, one self-professed frugal spender told Business Insider. A 32-year-old based in Michigan, she's nailed down the science of cost-cutting, whittling her necessary expenditures to just $2,000 a month—around a third of her take-home pay.Despite making six figures, she pours much of her free time into frugal pursuits, like shopping secondhand and spending 30 hours a week making virtually all her food from scratch, including bread, pasta, and canned goods.At this point, it's more of a way of life, she said, requesting that she remain anonymous due to the public nature of her work. She said she's not planning on giving up her frugal habits anytime soon, despite the added inconvenience."I've definitely felt burned out by it at times," she said. "I think if either my fiancé or I were to lose our jobs, I think it would be much more stressful."Her anxiety about being financially insecure — despite being relatively well off — is becoming more common.While Americans are notorious for <a target="_blank" class="" href="https://www.businessinsider.com/gen-x-baby-boomers-savings-cant-afford-retirement-2024-4">undersaving</a> and overspending, there's a small but growing <a target="_blank" href="https://www.businessinsider.com/retirement-saving-henrys-401k-paycheck-to-paycheck-high-earners-millennials-2023-11">cohort of oversavers</a>—a group that socks away a lot more than the recommended 15%-20% of their gross income a year, despite having solid finances overall.That's largely driven by a more acute awareness of a higher cost of living, financial experts told BI, with Americans still scarred by the sharp rise in prices several years ago when inflation was raging around 9%.There are signs that the ranks of the oversavers in America are growing. A 2024 Bank of America study on <a target="_blank" href="https://ustrustaem.fs.ml.com/content/dam/ust/articles/pdf/2024BoA-PB_Study_of_Wealthy_Americans.pdf">wealthy Americans</a> found that 55% of people ages 21-43 increased their cash holdings over the last two years, despite having at least $3 million in investable assets. On average, the group had around 18% of their portfolios allocated in cash, much more than the 2%-10% <a target="_blank" class="" href="https://www.usbank.com/investing/financial-perspectives/investing-insights/percentage-of-cash-in-my-portfolio.html">recommended</a> by financial professionals. <a target="_blank" href="https://subredditstats.com/r/fire">Membership</a> on the subreddit r/<a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/financial-independence-retire-early">FIRE</a>—a forum used by high-earning, high-saving individuals looking to amass enough wealth to retire early — has seen a 265% rise in the past three years, according to the analytics site Subreddit Stats.The subreddit r/<a target="_blank" class="" href="https://subredditstats.com/r/henryfinance">HENRYFinance</a>—also populated by <a target="_blank" href="https://www.notion.so/America-s-cost-of-living-crisis-is-creating-a-population-of-over-savers-112f0f4b6661800e9c0ecd6024798ce2?pvs=21">high-earners</a> who swap wealth-building tips—has seen an even bigger explosion in that timeframe, with membership up over 9,000%.The wealthy are increasingly trying to cut costs. The discount chain <a target="_blank" class="" href="https://www.businessinsider.com/inflation-is-so-bad-wealthy-shopping-at-dollar-stores-2023-9">Dollar Tree</a> saw 3.4 million new customers from households <a target="_blank" class="" href="https://www.businessinsider.com/dollar-tree-will-sell-7-dollar-items-straying-from-model-2024-3">earning over $125,000</a> last year, the firm said in its first-quarter earnings call. High-income Americans are also more likely than other consumers to use coupons and shop secondhand. According to one study, 89% of households earning between $175,000 and $199,999 said they <a target="_blank" href="https://www.prnewswire.com/news-releases/affluent-americans-lead-charge-in-online-coupon-surge-as-frustration-with-the-economy-lingers-new-study-finds-302173624.html#:~:text=In%20fact%2C%20the%20highest%20segment,between%20the%20different%20age%20groups.">redeem coupon codes</a>, more than any other income group, and 9 out of 10 Americans making over $175,000 have <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/shoppers-at-all-income-levels-seek-resale-first-as-economy-falters-301653101.html">purchased a resale item</a>, 14 percentage points higher than the average, another poll found.Kitty Ritchie, a financial advisor at Drucker Wealth Management, says she's seeing more clients who appear terrified to spend their savings, even as they age into retirement with ample cash set aside for emergencies."I think there are more people worried about spending the money. It's the ones that have accumulated it, they don't want to lose [it]," she said.<h2 id="7ab78d22-7b87-4695-bea0-c1da59d28026">Cost-of-living stress</h2>The pace of inflation has cooled significantly, but many Americans—even wealthy ones—are still dismayed that many costs are still higher overall."Even though people with six-figure incomes have a sizable amount of money coming in on paper, cost of living pressures are cutting into that pretty quickly," Ted Rossman, a senior industry analyst at Bankrate, said.High-income Americans may also be sensing less job security in the <a target="_blank" href="https://www.businessinsider.com/hiring-slump-professional-white-collar-jobs-recession-high-salary-2024-4">white-collar sector</a>, he noted. Companies have <a target="_blank" class="" href="https://www.challengergray.com/blog/job-cuts-fall-in-october-2024-but-ytd-up-4-from-last-year/">announced 664,839 job cuts</a> through the first 10 months of the year—the highest year-to-date total recorded since 2020, according to Challenger, Gray &amp; Christmas.Those uncertainties amplify <a target="_blank" class="" href="https://www.businessinsider.com/retirement-social-security-gen-z-millennials-uncertainty-fears-pensions-2024-4">fears of not retiring on time</a>, or at all, the 32-year-old saver from Michigan told BI. She pointed to her father, who depleted his retirement savings early after having to pay for cancer treatment out of pocket."I think no matter how stable it seems, it feels like there's a very real risk that you could have to work for the rest of your life, and I certainly don't want to do that," she said.Financial anxiety is higher than it was several years ago. According to <a target="_blank" class="" href="https://investorrelations.discover.com/newsroom/press-releases/press-release-details/2024/Discover-Survey-Anxiety-and-Avoidance-are-Driving-the-Financial-Lives-of-Many-Americans/default.aspx">a survey from Discover</a>, 80% of Americans said they felt anxious about their finances to some degree, up from 71% in 2021.Experts, though, say oversaving could hurt Americans trying to build wealth in the long run. Extreme savers could be <a target="_blank" class="" href="https://www.businessinsider.com/millennials-big-money-mistake-holding-cash-not-buying-stocks-investing-2024-10">losing out on big investment gains</a> over the course of years by piling up cash. They also risk lowering their quality of life, especially if saving means postponing necessary health or home expenses, Ritchie noted."It's the 78-year-old who's saved, worked hard, and done well, but he's not going to spend the money now. And that's the conversation of, 'you can't take it with you'," she said.

Americans' cost-of-living anxiety is creating a population of oversavers

<keyword id="19902762" type="General" weightage="100" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> laid off thousands of employees in 2023 and many found their lives turned upside down with just an email notification. After all, when you have given your heart and soul to an organisation, it is never easy accepting the fact that you are being asked to leave at a moment’s notice. The situation becomes even more complicated when you have been with the company for more than a decade. Something similar happened with <keyword id="23300967" type="General" weightage="20" keywordseo="Nicholas-Whitaker" source="keywords">Nicholas Whitaker</keyword>, who had been working with the company since 2010 and found out about his <keyword id="20118388" type="General" weightage="20" keywordseo="layoff" source="keywords">layoff</keyword> abruptly. <h2>The 3 am email bringing bad news</h2>“My layoff experience was traumatic. I got an email at 3 am to my personal email, that I only found because a colleague pinged me on Linkedin in the DMs to ask if I was ‘Ok’ and if I was ‘safe’,” Whitaker told <keyword id="21390875" type="General" weightage="20" keywordseo="Business-Insider-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Business Insider India" meta.hostid="261" meta.entityid="Business Insider India">Business Insider India</keyword> in a conversation. He added that when his colleague enquired about his safety, he thought it was a “shooting or some natural disaster.” In other words, he didn’t even imagine that he was being laid off from Google. He then revealed that when he checked his work email, he discovered that he was locked out of his laptop and phone. He then checked his personal email and there it was, the “short and impersonal email” that told him that his role at Google was being eliminated. <h2>The layoff process was uncomfortable</h2>When Google announced large-scale layoffs last year, the company made a lot of headlines for handling them in an unprofessional manner. In March 2023, several Google employees had even written an open letter to Google CEO Sundar Pichai, asking him to deal with layoffs in a better manner. Whitaker, narrating his own experience, shared with Business Insider India that after receiving the dreadful layoff email at 3 am, he spent the next few months completing formalities to get his payments that were due. He said, “It took all of the next several months for me to mail back my laptop, badge and any gear that I had that was Google property. (I also had to) navigate unemployment, health insurance and get all of the documentation I had to submit to "self Offboard" and to receive payments that I was supposed to get.” “Along the way there were multiple errors and miscommunications from the team that made it all even more uncomfortable,” he said. Whitaker also noted a complete lack of communication and empathy from his old team at Google. “I got a single text message from my prior manager asking how I was doing a few days after I was laid off, but otherwise no one reached out to check on me or offer assistance from my old team. Overall I found the process to be brutally impersonal and inhumane,” he said. <h2>Experience at Google</h2>But was Google always “inhumane” in his experience? Not really. There were some amazing days too and Google, according to Whitaker, was a different company when he had joined. “My initial experience working at Google was like it was a completely different company. I started as a temp, contractor and then a vendor for Google back in 2010, and at the time I think it was something like 40,000 employees. It had a real startup feel to it. Teams were agile and collaborative, and there was a lot of room for growth. It may have been specific to my team and org, but it felt like you had a lot more room for experimentation and autonomy to make decisions, and failure wasn't seen as a bad thing, but a necessary part of innovation,” he said. Whitaker also said that a “class system” was there at Google, especially since he was a TVC (Temporary, Vendor and Contractor). “As a TVC you wouldn't be included in many of the activities and learning opportunities that full time employees had, and didn't get invited to extracurricular activities. There was a real bias towards culture at the time, and words like Don't be Evil, and be Googly were often used.” However, in general, he added that the atmosphere was positive and full of possibilities. “Colleagues generally were very supportive, collaborative and encouraging to work with. I was excited as this was my first time working in big tech, or Corporate America and I saw that period of time as a real coming of age for me. I learned how to be a professional at Google and appreciated all of the early guidance and support that I got from colleagues and leaders.” <h2>Helping others</h2>It has now been over a year since Whitaker was laid off. He now has his own venture and helps other people navigate their careers. Talking about what motivated him to kick-start his own venture, he said, “After 13 years in big tech, the last few years in particular being particularly difficult due to toxic teams and leaders, I didn't want to jump right back into that kind of experience again. A year before getting laid off, I had experienced a bad <keyword id="19956983" type="General" weightage="20" keywordseo="mental-health" source="keywords">mental health</keyword> crisis that was the result of workplace bullying, gaslighting and toxic leadership. "I wanted to help others avoid and recover from similar situations and create a community where people can find mutual support and coaching on how to best navigate their careers in a conscious way. My severance after working so long at Google allowed me to fund the launch of my coaching business, and eventually ‘changingwork.org’." <keyword id="23300968" type="General" weightage="20" keywordseo="Changing-Work" source="keywords">Changing Work</keyword>, Whitaker explained, is his way of addressing a deep need in corporate life — helping people rediscover their sense of purpose and alignment in their careers and finding ways to build more conscious leaders and businesses. He added, “What makes this so transformative for me personally is that it allowed me to step into a role where I could integrate all the lessons from my own career—especially the parts that were hardest for me. During my time at Google, I saw firsthand how high-pressure environments can lead to burnout, anxiety, and a disconnect from our true selves.” The recent tragic death of a young CA at Ernst &amp; Young (EY) employee in India has turned the spotlight on toxic work cultures prevalent in many high-pressure industries. Broader debates on burnout, mental health struggles, and unrealistic expectations in corporate environments in the workplace have occupied social media platforms. This incident serves as a painful reminder that companies must prioritize <keyword id="21050364" type="General" weightage="20" keywordseo="employee-well-being" source="keywords">employee well-being</keyword> and mental health to foster sustainable, humane workplaces. And makes the work that people like Whitaker are doing all the more important. “I’ve spoken publicly about how mindfulness practice, coaching and therapy literally saved my life during some of my darkest times at Google. Changing Work is the culmination of that journey. It’s not just about helping others find balance and fulfillment—it’s about creating a space where I can live those values every day,” he concludes.

Fired from Google after 13 years of service, he used his severance to build a business around helping others with their careers

The <keyword id="22366986" type="General" weightage="20" keywordseo="doctor-population-ratio" source="keywords">doctor-population ratio</keyword> in the country is 1:836, which is better than the <keyword id="20522854" type="General" weightage="20" keywordseo="WHO-standard" source="keywords">WHO standard</keyword> of 1:1000, Minister of State for Health Anupriya Patel told the Lok Sabha on Friday. According to the information provided by the <keyword id="20039511" type="General" weightage="100" keywordseo="National-Medical-Commission" source="keywords" meta.keywordsubtype="org" meta.entityname="National Medical Commission" meta.hostid="261" meta.entityid="National Medical Commission">National Medical Commission</keyword> (NMC), there are 13,86,136 <keyword id="20522855" type="General" weightage="20" keywordseo="allopathic-doctors" source="keywords">allopathic doctors</keyword> registered with the State Medical Councils and the National Medical Commission (NMC) as on July, 2024, Patel said in a written reply. "Assuming 80% availability of registered allopathic doctors and around 5.65 lakh <keyword id="20522856" type="General" weightage="20" keywordseo="AYUSH-doctors" source="keywords">AYUSH doctors</keyword>, the doctor-population ratio in the country is around 1:836 which is better than the WHO standard of 1:1000," Patel stated. She also said that there are 731 medical colleges in the country with an annual intake of 1,12,112 <keyword id="20585495" type="General" weightage="20" keywordseo="MBBS-seats" source="keywords">MBBS seats</keyword> as of now. Further, there are 72,627 <keyword id="22645227" type="General" weightage="20" keywordseo="PG-seats" source="keywords">PG seats</keyword> as of date, she said. Measures taken by the government to augment medical education facilities and to improve medical standards include <keyword id="22366985" type="General" weightage="20" keywordseo="Centrally-Sponsored-Scheme" source="keywords">Centrally Sponsored Scheme</keyword> (CSS) for establishment of new medical colleges by upgrading district/referral hospitals, under which 157 new medical colleges have been approved and 109 are already functional. Under the CSS, medical colleges have been upgraded to increase the number of MBBS (UG) and PG seats. Support has been provided for an increase of 4,977 MBBS seats in 83 colleges with an approved cost of Rs 5,972.20 crore, 4,058 PG seats in phase-I in 72 colleges with an approved cost of Rs 1,498.43 crore and 4,000 PG seats in phase-II in 65 colleges with an approved cost of Rs 4,478.25 crore. Besides, under "upgradation of government medical colleges by construction of super specialty blocks" component of Pradhan Mantri Swasthya Suraksha Yojana (PMSSY), 75 projects have been approved, of which 66 projects are complete. Under the Central Sector Scheme for setting up of new AIIMS, 22 AIIMS have been approved and undergraduate courses have started in 19 of these. Also, DNB qualification has been recognised for appointment as teaching faculty, to take care of shortage of faculty and there has been enhancement of age limit for appointment, extension or re-employment against posts of teachers/dean/principal/ director in medical colleges up to 70 years. <h2>Claims of Indians being unfit "extrapolated" </h2>Furthermore, Union Health Minister J P Nadda told the Lok Sabha today that WHO's recent report stating that half of India's adult population is physically unfit relied on data collected only from three states and one UT, and the results were extrapolated through a modelling technique indicating inbuilt methodological issues. Responding to a question, Nadda said the WHO defines 'sufficient physical activity' as 150 minutes of moderate intensity physical activities per week (brisk walk, lifting light load etc.) or 75 minutes of vigorous intensity activity per week (running, digging, construction work, outdoor games etc.). The activity level so quantified is based on a self-reported response to questions about physical activity lasting at least for 10 minutes. The National NCD Monitoring Survey of Indian Council of Medical Research (ICMR) 2020 has assessed, inter alia, physical activity amongst Indian adults and found that 58.7% had conformed to the WHO recommendations, Nadda told the Lok Sabha.

Doctor-population ratio in India better than WHO standard, says Govt

<keyword id="21333142" type="General" weightage="100" keywordseo="Indias-population" source="keywords">India's population</keyword> is projected to peak in the early 2060s at about <keyword id="22386427" type="General" weightage="20" keywordseo="1-7-billion" source="keywords">1.7 billion</keyword> and then decline by 12%, but the country will remain the world's most populous throughout the century, the <keyword id="19896118" type="General" weightage="20" keywordseo="United-Nations" source="keywords" meta.keywordsubtype="org" meta.entityname="United Nations" meta.hostid="153" meta.entityid="United Nations">United Nations</keyword> has said. The World Population Prospects 2024 report, released on Thursday, said that the world's population is expected to continue growing over the coming 50-60 years, reaching a peak of around 10.3 billion people in the mid-2080s, significantly up from 8.2 billion in 2024. After peaking, the global population is projected to start declining gradually, falling to 10.2 billion people by the end of the century. India, which surpassed <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> as the world's most populous nation last year, will continue to hold that position through 2100. "The population of India, which is expected to remain the world's largest throughout the century, will likely decline by 12% after reaching its peak in the early 2060s at about 1.7 billion," the <keyword id="19898339" type="General" weightage="20" keywordseo="UN" source="keywords">UN</keyword> report published by the United Nations Department of Economic and Social Affairs (DESA), <keyword id="271075" type="General" weightage="20" keywordseo="population-division" source="Orion">Population Division</keyword> said. According to the report, India's population in 2024 is projected at 1.45 billion and this will peak to 1.69 billion in 2054. After this, India's population is projected to decline to 1.5 billion by the end of the century in 2100, but the country will still remain the most populous nation on Earth. Responding to a question by PTI on population projections for India, Senior Population Affairs Officer, Population Division, <keyword id="6355835" type="General" weightage="20" keywordseo="un" source="Orion">UN</keyword> DESA Clare Menozzi said at a press conference that "India is currently the largest country in the world in terms of population, and it is projected to stay so throughout the century. The population is currently estimated at 1.45 billion, and it's supposed to increase further to 1.69 billion. "It's supposed to peak around the 2060s in size and then it starts to slightly decline. So by the end of the century, India is projected to be around 1.5 billion, but will still the largest country in the world by a large margin." The report said that China's population, currently 1.41 billion in 2024, will fall to 1.21 billion in 2054 and further decline to 633 million by 2100. "It is anticipated that China, the country currently with the world's second-largest population, will likely experience the largest absolute population loss between 2024 and 2054 (204 million)," followed by <keyword id="6355311" type="General" weightage="20" keywordseo="Japan" source="Orion">Japan</keyword> (21 million) and <keyword id="6358826" type="General" weightage="20" keywordseo="Russia" source="Orion">Russia</keyword> (10 million). "Longer-range population projections are more uncertain" for China, it said. "However, due to its large size and sustained low level of fertility, China is also likely to record the largest population decline of any country through the end of the century (786 million people). By 2100, China is projected to have lost more than a half of its current population and to have returned to a population size comparable to that recorded in the late 1950s (50% probability)." Responding to a question on the significantly low population projection for China, Director of the Population Division at UN DESA John Wilmoth said that "it really relates to the level of fertility that's observed currently in China. The current number is right around one birth per woman on average over a lifetime." "Given that you need 2.1 births to maintain the current population without migration, if fertility levels remain at such a low level, even if they come up slightly, any fertility level if it's below two, or especially below 1.8 or below 1.5, you're really getting into low levels of fertility and it produces a long run decline that's quite significant. And that's true for China. It's true for some other countries in this analysis," Wilmoth said. Currently, nearly one-fifth of all countries and areas, including China, Italy, the Republic of Korea and Spain, are experiencing what is sometimes referred to as "ultra-low" fertility, with fewer than 1.4 live births per woman over a lifetime. The report added that the global fertility rate currently stands at 2.25 live births per woman, down from 3.31 births in 1990. "More than half of all countries and areas globally have fertility below the replacement level of 2.1 live births per woman. This is the level required for a population to maintain a constant size in the long run (without migration), with each generation being followed by another of roughly equal size," it said. Pakistan is projected to overtake the US as the third-largest country in the world, with a population of 389 million in 2054. Currently, the US is the third largest country in the world with a population of 345 million and in 2054, it will be the fourth largest with 384 million people. Pakistan will remain the third largest country in the world, with a population of 511 million people in 2100. The report said that the estimated likelihood that the world's population will peak within the current century is very high, with a probability of 80%, a major change in UN projections from a decade ago, when this probability was around 30%. The size of the world's population in 2100 is now expected to be 6%smaller - or about 700 million people fewer - than anticipated a decade ago. In about 126 countries and areas, the population is likely to continue growing through 2054, potentially reaching a peak later in the century or beyond 2100. This group includes several of the world's most populous countries: India, Indonesia, Nigeria, Pakistan and the United States of America. In 2023, the global number of deaths among children under age 5 fell below 5 million for the first time in recent history. However, 95% of such deaths took place in the 126 countries with populations that are still growing, including the Democratic Republic of the Congo, India, Nigeria and Pakistan. The report added that globally, life expectancy at birth reached 73.3 years in 2024, an increase of 8.4 years since 1995. Further reductions in mortality are projected to result in an average longevity of around 77.4 years globally in 2054. Since 2022, life expectancy has returned to levels observed before the emergence of the coronavirus disease in nearly all countries and areas. At the height of the COVID-19 pandemic during 2020 and 2021, global life expectancy at birth fell to 70.9 years, down from 72.6 in 2019. The report said that by 2080, persons aged 65 or older will outnumber children under 18. "By the late 2070s, the number of persons at ages 65 years and higher globally is projected to reach 2.2 billion, surpassing the number of children (under age 18). By the mid-2030s, it is projected that there will be 265 million persons aged 80 years or older, more than the number of infants (1 year of age or less)," it said.

India's population to peak in early 2060s to 1.7 billion before declining: UN

A deadly heat wave gripped large regions of Asia for weeks in April and May 2024. As temperatures climbed past 110 degrees Fahrenheit (43.3 Celsius) in India on May 7, campaigning politicians, local news announcers and voters waiting in long lines passed out from the oppressive heat. From as far north as Japan to as far south as the Philippines, the relentless heat wreaked havoc on everyday life. Students and teachers in Cambodia were sent home from school, as their hand-held fans provided little protection against the stifling heat and humidity in their poorly ventilated classrooms. Farmers in Thailand saw their crops wither and mourned the loss of livestock that perished under the punishing sun. Hundreds of people died from the heat. Most of the planet has suffered the dire effects of <keyword id="20563038" type="General" weightage="20" keywordseo="extreme-heat" source="keywords">extreme heat</keyword> in recent years. A weekslong heat wave in the southwestern United States in 2023 was described as "hell on earth" in Phoenix, where temperatures hit 110 F (43.3 C) or higher for 31 straight days. At the same time, Europe saw unprecedented high temperatures that killed hundreds and contributed to devastating wildfires in Greece. Regardless of where or when a heat wave strikes, one pattern is a constant: Older adults are the most likely to die from extreme heat, and this crisis will worsen in the coming years. We study <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> and population aging. Our research documents two global trends that together portend a dire future. More older adults will be at risk of heat stress First, temperatures are hotter than ever. The nine-year period from 2015 and 2023 had the highest average temperatures since global records began in 1880. Second, the population is aging worldwide. By 2050, the number of people ages 60 and older will double to nearly 2.1 billion, making up 21 per cent of the <keyword id="21055680" type="General" weightage="20" keywordseo="global-population" source="keywords">global population</keyword>. That proportion is 13 per cent today. These combined forces mean that ever-rising numbers of vulnerable older adults will be exposed to intensifying heat. To understand the risks ahead, we developed population projections for different age groups and combined them with climate change scenarios for the coming decades. Our analyses show that by 2050, more than 23 per cent of the world population ages 69 and older will be living in regions where peak temperatures routinely surpass 99.5 degrees F (37.5 degrees C), compared with just 14 per cent today. That means that as many as 250 million additional older adults will be exposed to dangerously high temperatures. Mapping the data shows that most of these older adults live in lower- and middle-income countries with insufficient services and limited access to electricity, cooling appliances and safe water. In historically cooler regions in the Global North, including North America and Europe, <keyword id="20707229" type="General" weightage="20" keywordseo="rising-temperatures" source="keywords">rising temperatures</keyword> will be the main force driving older adults' heat exposure. In historically hotter regions in the Global South such as Asia, Africa and South America, population growth and increases in longevity mean that steeply rising numbers of older adults will be exposed to intensifying heat-related risks. Policymakers, communities, families and older residents themselves need to understand these risks and be prepared because of older adults' special vulnerabilities to heat. Extreme heat is especially harmful to older adults High temperatures are oppressive for everyone, but for older adults they can be deadly. Extreme heat worsens common age-related health conditions such as heart, lung and kidney disease and can cause delirium. Older people don't sweat as much as younger people, which makes it harder for their bodies to cool down when temperatures spike. These problems are intensified by common prescription medications, such as anticholinergics, which further reduce the capacity to sweat. Spending time outdoors in hot humid weather can cause dehydration, a problem worsened by the side effects of prescription medications such as diuretics and beta-blockers. Dehydration can make older adults weak and dizzy, increasing their risk of falls and injury. These threats are even worse in regions lacking access to safe and affordable drinking water. Poor air quality makes it difficult to breath, especially for those who already have lung problems such as chronic obstructive pulmonary disease, or COPD. For older adults with physical health problems, temperatures as low as 80 F (26.7 C) can pose significant danger. And when humidity is as high as 90 per cent, even 78 F (25.6 C) can be hazardous to older adults. Nighttime heat is especially harmful for older adults whose homes lack air conditioning or who can't afford to run their air conditioners for long periods. The ideal temperature for older adults' restful sleep is between 68 and 77 F (20 and 25 C), and sleep quality diminishes as temperatures rise. A night of restless sleep can make an older adult more depressed and confused during their waking hours. Medications also can lose their effectiveness if stored in places much warmer than 77 F (25 C). Older adults also may suffer emotionally during stifling <keyword id="20472420" type="General" weightage="20" keywordseo="heat-waves" source="keywords">heat waves</keyword> Being stuck indoors when temperatures are unbearable can make older adults bored, depressed and isolated. People with cognitive impairments may underestimate the dangers of extreme heat or may not understand the heat advisories. Those who have physical mobility limitations or lack access to transportation can't easily travel to public cooling centers - if there is one nearby - or find relief in nearby "green and blue areas," such as parks and lakes. These threats are especially dire in low- and middle-income nations, where older adults are more likely to live in substandard housing and lack access to high-quality health care or ways to cool down in the heat. We talk about this as "systemic cooling poverty." What can be done? Policymakers can work to cut greenhouse gas emissions from fossil fuels in vehicles, power plants and factories, which drive global warming, and develop effective plans to protect older people from heat risk. Older adults and their caregivers also can take steps to adapt. But efforts to help need to be tailored to each region and population. Wealthy municipalities can increase public investments in early warning systems and ride services to cooling centers and hospitals. They can use geographic information systems to identify neighborhoods with high concentrations of older adults and expand power grids to manage increasing demand for air conditioning. In regions with substandard housing, limited access to clean water and few public supports such as cooling centers, much larger changes are necessary. Providing better health care, water and housing and reducing air pollution that can mitigate health problems during heat waves require significant changes and investments many countries struggle to afford. The World Health Organization and Pan American Health Organization warn that this decade will be critical for preparing communities to handle rising heat and the risk to aging populations. Across all regions, researchers, practitioners and policymakers could save lives by heeding their call. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/awfis-space-solutions-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110467409.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/awfis-space-solutions-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110467409.cms" target="_blank">Awfis Space Solutions IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f55-with-leather-back-launched-in-india-starting-at-26999/articleshow/110462026.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f55-with-leather-back-launched-in-india-starting-at-26999/articleshow/110462026.cms" target="_blank">Samsung Galaxy F55 with leather back launched in India starting at ₹26,999</a><a href="https://www.businessinsider.in/tech/news/lenovo-loq-15-review/articleshow/110456546.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/lenovo-loq-15-review/articleshow/110456546.cms" target="_blank">Lenovo LOQ 15 review – gaming laptop with a sturdy design</a>

Heat waves can be deadly for older adults: An aging global population and rising temperatures mean millions are at risk

Two weeks after he and his wife closed on a summer house, Kevin Berman was <a target="_blank" class="" href="https://www.businessinsider.com/hiring-picks-up-in-fall-low-openings-hurting-job-seekers-2024-9">laid off</a>.That was in September last year. Berman, who's 61, has since applied to more than 650 IT jobs.He has decades of experience in the field. He doesn't think his age has been an issue the handful of times he's landed an interview.But when Berman, who lives outside Detroit, hears nothing after applying to a role he sees as a perfect fit for his experience, he sometimes wonders whether his years are working against him. One role had a unique job title — something Berman had done earlier in his career. He didn't get so much as a screening call."Those were the ones that I'm like, OK, there's something going on," <a target="_blank" class="" href="https://www.linkedin.com/in/kevinberman/">Berman</a> told Business Insider.Berman is hardly alone in questioning why, with his experience, he <a target="_blank" href="https://www.businessinsider.com/job-seeker-applied-more-than-2000-roles-2024-9">didn't get a shot at a job</a>. For those who've been working for a while — and those just starting out — it's not unreasonable to wonder whether <a target="_blank" class="" href="https://www.businessinsider.com/hiring-managers-biased-against-gen-z-older-workers-survey-says-2024-4">age bias</a> is undercutting their career trajectory or prospects, labor-market experts told BI.That's a problem partly because the workforce in the US and many other developed countries is getting older.The Pew Research Center estimated that about one in five people 65 and older in the US <a target="_blank" class="" href="https://www.pewresearch.org/social-trends/2023/12/14/older-workers-are-growing-in-number-and-earning-higher-wages">were working last year</a>. That was nearly double the portion of people that age who had a job 35 years ago.Having people of various ages on the job together can be good for business. In 2020, the Organization for Economic Cooperation and Development reported that promoting multigenerational workforces and giving older people more chances to work could <a target="_blank" class="" href="https://www.oecd.org/en/publications/promoting-an-age-inclusive-workforce_59752153-en.html">boost per capita gross domestic product</a> by 19% over the next three decades.Marjorie Powell, chief HR officer and senior vice president at AARP, argued that people were working longer often out of necessity, to cover things like healthcare or housing costs."They are also continuing to work because they want to contribute," Powell said.Berman's search for a new role in IT reflects a mix of necessity and desire.Less than three months after Berman was laid off, his wife also lost her job to corporate cutbacks. That left the couple with two mortgages and little income beyond their severance payments and unemployment, which ran out about six months ago, Berman said. Though they're renting out one of the homes, they're eating into their savings and investments, he added.Berman has been trying to do some IT consulting work. To stand out from other job applicants, he has obtained certifications in artificial intelligence management and cybersecurity. Both he and his wife are considering pursuing an MBA.Powell said <a target="_blank" class="" href="https://www.businessinsider.com/ai-wont-take-as-many-jobs-as-feared-altman-2024-9">rapid technological advances</a> could exacerbate bias against older workers because being conversant in the latest thing is often seen as the preserve of the young."People have a tendency to think that the only people who are technology adapters are those that are in younger demographics, which is not true," she said.Powell said other impediments to older workers could lurk in job descriptions with phrases like "digital native" and "high energy."Employers often also ask job seekers when they were born and when they graduated, Powell said. She argued that with something like a degree, applicants should have to say only whether they completed it.What Powell sees as pernicious language and requests for extraneous dates can be "red flags that there may be some age bias involved," she said.In other cases, older workers might be told they're overqualified. What employers might not understand, Powell said, is that those with loads of experience aren't always looking to keep climbing or nab ever higher pay. Instead, she said, they may be drawn to the nature of the work or the mission of an organization."The bottom line is either you have the qualifications to do the work or you don't," Powell said.Being seen as overqualified is one of several concerns animating Don Trautman's job search.At 67, he's old enough to retire, but he's been looking for part-time work on and off since April after taking a buyout from a longtime employer.<a target="_blank" class="" href="https://www.linkedin.com/in/dont75/">Trautman</a> is a certified public accountant and holds an MBA. He spent the past 18 years managing buying and warehouse operations, though he'd like to return to the accounting work he did earlier in his career.Trautman, who lives with his wife outside Harrisburg, Pennsylvania, has removed most dates from his résumé, as some recruiters advise. Nevertheless, when he applies for jobs, he fills in the start and end dates for his roles."Once I start putting in that I started my last job in '99 and I had multiple jobs before that, they're going, 'Oh, wait a minute,'" Trautman told BI. It would be impossible not to deduce that he's an older worker, he said.What's more, Trautman said, many employers advertise that they can offer room to advance, but that's not what he's seeking."I'm not looking to become a CFO," he said.This year, Katerina Stroponiati founded Brilliant Minds, a venture-capital fund for founders over 50.When Stroponiati traveled to the US from her native Greece more than a decade ago with dreams of starting a company, some of her family members asked whether she was too old to do something like that."I was 26," she told BI.Stroponiati, who's now 41, said she saw the stealthy reach of ageism at a prior venture fund she ran in the US. The few founders over 50 she encountered tended to intimate that they were out of place, she said."They were always shy, and they were not as confident as those in their 20s," Stroponiati said.In April, she started her fund for older founders so that she could focus on an overlooked market and the ways people evolve throughout their lives. "All the headlines are around Gen Z trying to disrupt the 9-to-5," Stroponiati said. "But nobody talks about the other generations. Actually, boomers and Gen X are trying to do the same thing — they're disrupting retirement."The fund has received more than 600 applications. So far, she's invested in two startups. Both are run by women over 55. One is focused on using a large language model in e-commerce, and the other involves AI infrastructure.Stroponiati's goal is to invest in 15 companies by 2027."I'm offering an alternative to retirement, to the old model," she said.Stroponiati argued that Greece didn't do enough to deal with an aging population and now faces economic and social consequences. The US, she said, has a chance to respond."We have to think what it means to have productive older citizens," Stroponiati said.Michael North, an associate professor of management and organizations at New York University's Stern School of Business, focuses on the challenges of having five — or, by some estimates, six — generations working side by side.North told BI that one difficulty for older workers is the long-held assumption in the US that people will retire around age 65.Government safety nets like Social Security and Medicare "assume that you're not really supposed to be working after that certain age," he said. But apart from recent deviations owing to factors like the pandemic, people in industrialized economies are generally living longer — and staying healthier as they do it.North said many older workers are vibrant, skilled, and educated. "There's a discordance there between what our policies and expectations have in place versus what older adults objectively have to offer," he said.For their part, North said, some younger workers and those hoping to <a target="_blank" class="" href="https://www.businessinsider.com/entry-level-jobs-tech-roles-require-years-of-experience-2024-10">break into the job market</a> can become frustrated that the oldest employees won't retire and create openings.Essentially, younger workers sometimes see older workers as "blocking their own opportunities," he said."Whether that's fair or not, it's actually a pretty important debate to have," North said.Part of the frustration for many young people, he said, is that challenges in paying for college, affording a home, and starting a family are tougher than they used to be. North added that resentments over those conditions could tee up "alarming" generational conflict."It doesn't seem like a recipe for a society that is increasingly multigenerational to have these sorts of frictions and frustrations on both sides of the age spectrum," he said.For Trautman, who hopes to get back into accounting, returning to a fixed schedule on some days would be ideal. Now he completes his morning routine and sits down at his desk, but sometimes he doesn't have enough to do."In all honesty, retirement has been a struggle," Trautman said.He doesn't want to go work at Lowe's or Home Depot, as some friends have suggested.But "if it came down to it, I could do that," Trautman said. "The local grocery store is good about hiring people my age."

Ageism at work

<ul class="summary-list"><li>The death of a 26-year-old EY employee has triggered a conversation about India's work culture.</li><li>The employee's family says that she was overworked — and that it reflects a wider problem.</li></ul>Fourteen-hour work days, meetings during vacations, and no overtime.To some, this may sound like a job from hell. But for many employees in India, it's just another working day.India has one of the toughest work cultures in the world. In 2022, according to the most recently available data from the <a target="_blank" href="https://ilostat.ilo.org/topics/working-time/#">International Labour Organization</a>, the average employee in India worked 46.7 hours a week, compared to about 38 in the US.Not only are employees in India working long hours, but many are also doing it under intense pressure."The pressure is very, very high," Jennifer Hephzibah, a senior HR professional in India, told Business Insider. "If you don't deliver it at a particular time, you either lose your bonus, or you lose your job. It doesn't matter what you're going through otherwise."A Boston Consulting Group <a target="_blank" class="" href="https://www.google.com/url?q=https://www.bcg.com/publications/2024/india-hr-revolution-building-workplaces-for-the-future&amp;sa=D&amp;source=docs&amp;ust=1727195342438866&amp;usg=AOvVaw366N6_QMHZIy6fbfnMv__Y">survey</a> of 11,000 workers in eight countries in October 2023 found that 58% of Indian respondents reported feeling burned out — the highest share of any of the countries, including the US (50%), the UK (47%), and Japan (37%).<h2 id="56dd16d5-8f41-4ab5-aad1-efb517f1a780">'Glorifying overwork'</h2>This always-on culture has come under the spotlight recently following the death of an EY employee, Anna Sebastian Perayil, in July.Peryail's father, Sebastian Perayil, told<a target="_blank" href="https://www.thenewsminute.com/news/what-action-will-ey-take-anna-sebastians-father-speaks-to-tnm"> The News Minute</a> that he believed his daughter died of a combination of health issues, including work stress and acid reflux which triggered a lack of sleep. The official cause of Perayil's death, however, remains unclear."Anna was unable to sleep on most days and couldn't eat on time," he told the publication. "After a whole night of work, she would have to wake up at 7:30 the next morning and repeat the same cycle."According to<a target="_blank" href="https://www.thehindu.com/news/national/maharashtra/mother-pens-letter-following-death-of-26-year-old-daughter-due-to-work-stress-urges-ey-chairman-to-reflect-on-toxic-work-culture/article68656957.ece"> The Hindu</a>, Perayil's mother emailed Rajiv Memani, the chairman at EY India, in the wake of Perayil's death, saying her daughter had collapsed four months into the job after struggling with "the workload, new environment, and long hours."She also accused EY of "glorifying overwork."EY told BI it was "taking the family's correspondence with utmost seriousness and humility" and called Perayil's death an "irreparable loss."<h2 id="0e580f7b-a1b5-40de-bcd5-4c5e1cd9f1da">A 70-hour workweek</h2>Concerns about India's workplace culture are not new.Last year, the software billionaire and Infosys founder Narayana Murthy sparked controversy after saying that young people in India should be willing to work 70 hours a week to help the country progress."India's work productivity is one of the lowest in the world," he told<a target="_blank" href="https://www.youtube.com/watch?v=ES8ZNSTswrs"> The Record</a>, going on to say that unless India improved several factors including its work productivity, "we will not be able to compete with those countries that have made tremendous progress.""So, therefore," he continued, "my request is that our youngsters must say: "'This is my country. I'd like to work 70 hours a week.'"The comments appear to reflect wider expectations in India, even among employers with head offices elsewhere.Kavach Khanna, a former EY analyst in India, told BI that he believed he was expected to do more work than his US colleagues."We used to talk to colleagues in the US in the same roles, and their experience was completely different from ours," Khanna said. "They would get to go for client meetings, leave the office on time, no stretched workdays, and they weren't overburdened like we were."EY did not immediately respond to a request for comment.<h2 id="c34411b0-4cf7-4ac6-b8b5-d828d78369df">Cost centers and cheap labor</h2>Huge multinational companies, such as EY, Google, Microsoft, Salesforce, and Accenture, have set up cost centers in India.These centers, also called Global Capability Centers (GCCs), manage everything from cyber security to product development. They can also manage human resources and accounting.They are cheaper to run in India due to lower labor costs, and they help companies tap into a wide and hungry pool of tech-savvy, English-speaking talent.An <a target="_blank" class="" href="https://assets.ey.com/content/dam/ey-sites/ey-com/en_in/topics/consulting/gcc/2023/06/ey-future-of-gccs-in-india-a-vision-2030.pdf">EY report in 2023 </a>projected that India is set to host at least 2,400 such centers by 2030, with a market value of more than $100 billion.An associate at the Indian office of a multinational banking and advisory firm told BI that even at his Western company, he believed Indian employees were expected to work longer and harder.He said 16- to 18-hour workdays — including some weekends — were normal in his job."A lot of multinational corporations use India as a cost center because of the cheap labor," said the associate, who wanted to remain anonymous for fear of retaliation. "Offices in other countries have boundaries and then dump their extra work on us."Jeanie Chang, an executive coach who specializes in workplace mental health, said she had noticed such a trend, too. "It definitely exists that multinational companies tend to think, 'We love that the Indians work hard, so let's keep doing that.'"Chang also noted that some Asian communities place a cultural importance on work ethic that can lend itself to exploitation."There's a word in Japanese and Korean," Chang said, "that literally means 'overworking yourself to death.' That should say something."<h2 id="799c5726-4028-4993-85d3-1175f4f96f4d">Fear of replacement</h2>So what is stopping employees from demanding change?Part of it might come down to competition. In 2022, <a target="_blank" class="" href="http://www.indiaenvironmentportal.org.in/files/file/India%20Employment%20Report%202024.pdf">according to the India Employment Report 2024</a>, India's youth made up nearly 83% of the country's total unemployed population. With <a target="_blank" href="https://www.thehindu.com/business/budget/68432023-Economic-Survey-2023-24-Complete-document">India's workforce</a> thought to number well over 500 million, each job counts.Hephzibah, the senior HR professional, said that the sheer number of available workers has contributed to a feeling that employees are expendable, and has held them back from saying no to unreasonable demands for fear of losing their jobs.Perayil's mother's email, for instance, said her daughter "did not know how to say no.""She was trying to prove herself in a new environment, and in doing so, she pushed herself beyond her limits," the email said,Hephzibah said this was especially true for younger workers, who may not have enough experience to become critical within the company yet."In the bigger companies," she said, "if you don't deliver, that's it: You're replaced."<h2 id="76d9e66d-7e50-4929-bb3f-86da08d669dd">Cultural differences</h2>Chang told BI that she's had Indian employees point out their lack of resources compared to international peers in the same company."They tell me, 'Jeanie, we don't have effective mental-health resources, but we hear the US does,'" she said.In a<a target="_blank" href="https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx"> Gallup State of the Global Workplace report</a> published in 2024, only 14% of the roughly 2,262 Indian employees surveyed said they were thriving at their workplace, compared with 34% of the 128,278 employees surveyed globally.Hephzibah, who has worked in both Indian-owned and multinational companies, told BI that multiple colleagues had left or requested transfers outside India in recent years — mainly because of the work culture.She also found cultural differences when conducting training sessions for employees in India and the US.When implementing the Indian training schedule for one company's American employees, Hephzibah faced pushback on issues like late session timings."They said, 'We're not going to work after 6 and they could clearly call it out without feeling bad," Hephzibah said. "The problem in India is that people get scared to speak up because their jobs might be impacted."<h2 id="c1e23a63-b3a5-4dfe-9fda-a228d77f5f16">The way forward</h2>In Hephzibah's opinion, overtime and vacation policies need to be strictly enforceable in India."Outside, we're very careful to communicate that we care because they have legal backing to sue," she said. "Over here, that entire system is missing."She agreed with Chang that effecting systemic change would also be up to the leaders and middle management, and not just down to a country's laws."What is the leadership believing in? Is leadership overworking?" Chang said. "Because if they are, they're going to overwork their employees."

The death of a young EY employee is raising questions over India's 'always-on' work culture

<ul class="summary-list"><li>The growing ranks of boomers aged 65-plus could spark a boom in the senior housing market.</li><li>Demand for senior housing is expected to surge 50% by 2040, Capital Economics estimated.</li></ul>A big investment opportunity is brewing in one corner of the real estate market, thanks to a wave of <a target="_blank" class="" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4">baby boomers</a> that are about to age into retirement, according to Capital Economics.The research firm pointed to the so-called "<a target="_blank" class="" href="https://www.businessinsider.com/what-will-happen-baby-boomer-homes-die-millennials-gen-z-2024-1">silver tsunami</a>," the moniker that's been given to describe the imminent surge of Americans over the age of 65 entering prime retirement age. It says this will drive strong demand for <a target="_blank" class="" href="https://www.businessinsider.com/cost-of-a-retirement-home-community-in-every-state-2019-7">senior housing</a> facilities, including assisted living, independent living, skilled nursing, and memory care.For real-estate investors faced with a prolonged slump in the <a target="_blank" class="" href="https://www.businessinsider.com/commercial-real-estate-office-debt-investing-outlook-blackstone-jon-gray-2024-11">commercial real estate</a> space, senior housing offers an enticing alternative, wrote Imogen Pattison, an assistant economist at Capital Economics."With an <a target="_blank" class="" href="https://www.businessinsider.com/baby-boomer-gen-z-millennials-economy-housing-job-market-stocks-2024-2">aging population</a>, senior housing has a clear long run structural demand driver pointing to further growth in the sector. Our analysis shows rent prospects appear strong on the back of undersupply and solid wage growth," Pattison wrote. "That makes senior housing a compelling option for investors looking to break away from traditional property investment."The 65-plus population is on track to grow 30% over the next 16 years, encompassing 80 million Americans by 2040, according to estimates from the US Census Bureau.<div type="image" title="Graph showing number of Americans over age of 65" height="964" width="1396" msid="115427149" hostid="261" sizebytes="21546"></div>Meanwhile, around 11% of those over the age of 65 are currently living in a form of senior housing, according to the American Senior Housing Association. Assuming that percentage holds steady, that implies demand for senior housing will grow 50% over the next 16 years, per Capital Economics' analysis, up from 6 million in 2023 to 9 million in 2040.Rents, meanwhile, are seeing a strong uptrend, thanks to the supply of senior housing growing tighter after the pandemic. The sector posted more than 5% year-per-year rent growth in 2023, nearly double its 20-year average, the firm added.<div type="image" title="Chart showing senior housing rent growth" height="1001" width="1413" msid="115427143" hostid="261" sizebytes="26652"></div>That puts the senior housing sector on track to see average annual returns of 13% for the next four years, the firm estimated. Yearly returns are also set to peak in 2026 at around 16%, it added, more than triple the 4.5% yearly growth expected in 2024."We expect continued tight supply to bolster rents over the next year or so," Pattison added. "Taken together, strong capital value growth and income returns mean the sector looks relatively attractive compared to the other real estate sectors."The <a target="_blank" class="" href="https://www.businessinsider.com/commercial-real-estate-office-outlook-fire-sales-apartment-conversions-housing-2024-10">commercial real estate</a> space has been challenged in recent years, with the demand for offices being weighed down by work-from-home trends while borrowing costs rise in the sector. That means the most troubled office buildings could see a wave of fire sales and conversions, potentially sparking steep losses for property owners, real estate experts told Business Insider.

A 'silver tsunami' of retirement-age baby boomers is creating a big opportunity for real-estate investors, research firm says

Indian workers persist in expecting higher salaries to offset escalating living expenses. Also, to feel valued for their contributions and <keyword id="19986702" type="General" weightage="100" keywordseo="flexibility" source="keywords">flexibility</keyword> remains a pressing concern for most employees, says a recent report. According to recruitment firm <keyword id="20450097" type="General" weightage="20" keywordseo="Michael-Page-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Michael Page India" meta.hostid="153" meta.entityid="Michael Page India">Michael Page India</keyword>'s Talent Trends 2024 report, flexibility has become a major point of contention in most parts of India as employers grapple with implementing <keyword id="22109728" type="General" weightage="20" keywordseo="hybrid-working-models" source="keywords">hybrid working models</keyword> and policies that meet both business needs and employee preferences. At a time when a whopping 94% of respondents in India are open to exploring different roles in 2024, employers must look beyond competitive salaries and address broader aspects such as flexibility, <keyword id="20051946" type="General" weightage="20" keywordseo="diversity" source="keywords">diversity</keyword>, <keyword id="20046237" type="General" weightage="20" keywordseo="equity" source="keywords">equity</keyword>, and inclusion (DE&amp;I), and positive workplace culture to effectively attract and retain top talent, the report said. "A successful recruitment strategy needs to go beyond merely offering competitive salaries. It should prioritise cultivating a robust company culture, providing flexibility, and addressing diversity, equity, and inclusion (DE&amp;I) initiatives to effectively attract and retain top talent," Ankit Agarwala, Managing Director of Michael Page India, said. The report titled "The Expectation Gap" covered responses from approximately 50,000 skilled white-collar professionals across 37 countries, including over 3,000 individuals from India. According to the report, India leads APAC in reporting <keyword id="19975932" type="General" weightage="20" keywordseo="workplace-discrimination" source="keywords">workplace discrimination</keyword>, with 47% of employees reporting workplace discrimination, higher than the APAC average of 31%. However, 45% of the workforce still faces barriers in formally reporting such incidents. Globally, 28% of organisations report similar retention challenges, indicating a heightened pressure on Indian companies. To maintain high levels of job satisfaction among all age groups, organisations must understand and address the distinct priorities of each generation, from Baby Boomers to Gen Z, the report said. Among various sectors, 26% of Indian employers report <keyword id="22109727" type="General" weightage="20" keywordseo="recruitment-challenges" source="keywords">recruitment challenges</keyword>, while 25% face difficulties in retention. Meanwhile, 31% of organisations in the Indian healthcare sector experience recruitment challenges, and 30% struggle with retention. The fast-moving consumer goods (FMCG) sector in India reports the highest retention issues, with 54% of companies indicating difficulties in keeping their talent. "The rise of e-commerce and shifting consumer preferences are prompting FMCG companies to adapt quickly, leading to high demand for professionals with expertise in digital marketing, supply chain management, and consumer insights," the report noted.

Flexibility, salary key jobseeker parameters for new roles in India: Report

<ul class="summary-list"><li>China has no choice but to keep <a target="_blank" class="" href="https://www.businessinsider.com/china-raises-retirement-age-aging-population-shrinking-workforce-2024-9#:~:text=The%20new%20retirement%20age%20will,for%20longer%20before%20receiving%20benefits.">raising the retirement age</a> for workers, according to Yi Fuxian.</li><li>The nation has a demographic crisis, which is straining the pension system, the researcher said.</li></ul>China has a retirement crisis on its hands, and the nation will probably be forced to keep raising the retirement age for workers to stave off demographic imbalances, according to a demographer.Yi Fuxian, a researcher whose book on China's demographic problems was previously <a target="_blank" href="https://t.co/LVeOnmJ1gV">banned</a> in the country, cast a dark outlook for the nation's demographic future, with its population aging and its <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aging-population-demographics-america-finance-markets-beijing-xi-2023-8">workforce rapidly shrinking</a>. Those trends led China to recently raise the mandatory retirement age for workers, the first time the nation has <a target="_blank" class="" href="https://www.businessinsider.com/china-raises-retirement-age-aging-population-shrinking-workforce-2024-9#:~:text=The%20new%20retirement%20age%20will,for%20longer%20before%20receiving%20benefits.">raised its retirement age</a> in decades.But those measures are "long-overdue" and merely "kicking a political time bomb down the road." They also probably aren't enough to alleviate pressure on the retirement system in the world's second-largest economy, Fuxian wrote in an <a target="_blank" class="" href="https://www.project-syndicate.org/commentary/china-not-doing-enough-to-address-rapid-demographic-aging-by-yi-fuxian-2024-10">op-ed</a> for Project Syndicate on Wednesday."Given the severity of its demographic crisis, China will need to keep raising its retirement age, potentially fueling civil unrest and political instability," Yi said. "As the workforce ages and shrinks, economic growth will slow and reduce government revenues, while the growing elderly population will drive up pension costs," he later added.Economists have flagged worrying <a target="_blank" class="" href="https://www.businessinsider.com/chinas-birth-rate-problem-wont-go-away-with-financial-incentives-2024-1">demographic trends</a> in China for years. China's <a target="_blank" class="" href="https://fred.stlouisfed.org/series/SPDYNTFRTINCHN">fertility rate</a> dropped to 1.17 births per woman in 2022, according to <a target="_blank" class="" href="https://datacatalog.worldbank.org/search/dataset/0037712">World Bank</a> data. Meanwhile, <a target="_blank" class="" href="https://data.worldbank.org/indicator/SP.DYN.LE00.IN?locations=CN">life expectancy</a> has climbed, with the average person in China living to 79.The number of people over the age of 60 in China has soared the last 40 years, increasing from 72 million in 1980 to 297 million in 2023, according to the latest <a target="_blank" class="" href="https://english.www.gov.cn/news/202410/12/content_WS6709cb9ac6d0868f4e8ebbda.html">report</a> from the nation's Ministry of Civil Affairs and the China National Committee on Ageing.By 2050, the population of people 60 and older is expected to increase to 475 million, or nearly half of China's total population, Yi said, citing <a target="_blank" href="https://population.un.org/wpp/Graphs/DemographicProfiles/Line/156">estimates</a> from the United Nations.There are already signs China's aging population and simultaneously shrinking workforce is starting to strain its benefits system for retirees. China's main <a target="_blank" class="" href="https://www.reuters.com/world/china/why-are-there-concerns-about-chinas-pension-system-its-population-ages-2024-01-18/">pension fund could be depleted by 2035</a>, according to a 2019 estimate from the Chinese Academy of Social Sciences. Meanwhile, around a third of Chinese provinces are struggling with pension deficits, Reuters reported."With too few workers to support the system, no amount of political maneuvering or creative accounting can avert the impending pension crisis," Yi said.The situation mirrors some aspects of the retirement crisis in the US, with a growing number of <a target="_blank" class="" href="https://www.pewresearch.org/social-trends/2023/12/14/older-workers-are-growing-in-number-and-earning-higher-wages/">older Americans continuing to work</a> amid concerns about financial security. Over 30 million US baby boomers are <a target="_blank" rel="" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4#:~:text=Over%2030%20million%20%22peak%20boomers,Social%20Security%20to%20stay%20afloat.">nearing retirement without enough</a> saved, and <a target="_blank" rel="" href="https://www.businessinsider.com/retirement-crisis-social-security-poverty-older-americans-savings-inequality-2024-3">over half of Americans over the age of 65 make less than $30,000</a> a year, according to 2022 Census data.

China's retirement crisis is here, and Beijing will be forced to keep raising the retirement age, demographer says

<ul class="summary-list"><li>China will raise its retirement age to address a declining population and shrinking workforce.</li><li>The new retirement age will be 63 for men and between 55 and 58 for women. </li></ul><a target="_blank" href="https://www.businessinsider.com/china-work-culture-differences-west-2024-6">China will gradually raise its retirement age</a> in response to an aging population, shrinking workforce, and to relieve pressure on its pension system.Chinese state media said Friday that the country's top lawmakers approved a proposal to delay the age at which people stop working. Under the plan, men's retirement age in the country will rise to 63 from 60. While women in blue-collar jobs will see their retirement age increase from 50 to 55 and 55 to 58 for women in white-collar positions. This change will occur over the next 15 years, beginning in January 2025. From 2030, workers will also have to contribute to their pension accounts for longer before receiving their monthly retirement benefits. This will gradually go from 15 to 20 years.Raising the retirement age and delaying these benefits could help relieve the strain on the Chinese pension system. China has been grappling with a <a target="_blank" href="https://www.businessinsider.com/china-economy-retirement-crisis-pensions-aging-population-social-security-workforce-2024-5">retirement crisis</a> as more older workers discover they cannot afford to leave their jobs.According to data from the OECD, <a target="_blank" rel="noopener nofollow" href="https://www.reuters.com/world/china/rapidly-ageing-china-millions-cant-afford-retire-2024-05-08/">previously cited by Reuters,</a> of the 734 million working in China, 94 million, or 13%, are over 60. The proportion of older people in the workforce is expected to grow, with officials estimating 300 million workers will reach the age for leaving work over the next ten years, according to OECD data. This is close to the entire US population.At the same time, China has also been grappling with <a target="_blank" href="https://www.businessinsider.com/china-economy-crash-youth-unemployment-rate-labor-market-atlantic-council-2024-2">high youth unemployment</a> as economic growth slows.

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