Demographic Data Baby Boomers Trend
Baby boomers are groups of people who were born between 1946 and 1966 and are now currently aged between 41 and 60. Demographic trends of baby boomers are quite interesting since they are going to influence numerous aspects including employment, health care, immigration, tax policies and even the country’s economy. |
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One-third of the employees in America are baby boomers. Many of these will be retiring within the next 5-10 years leaving a huge knowledge gap. With the absence of enough qualified native workers available fill the labor force, companies are bound to employ immigrants or foreign workers. It is predicted that immigrants will make a significant contribution to the country’s economy during the next decade.
Retirement of baby boomers will also cause a strain on the taxation system of America since there would be a large proportion of people retiring and the government would have to provide retirement benefits to all these workers. In addition, the retired baby boomers will not be able to make significant contribution towards government taxes resulting in an increased burden. Government would be required to spend more towards rising health costs and insurance coverages since incidence of physical and mental health problems is high among baby boomers. However, baby boomers are expected to dominate housing markets. Financial markets have been tremendously influenced by the demographic trends of baby boomers.
Baby boomers have even brought revolutionary changes in the working patterns. Concepts like part-time jobs, flexible working hours, telecommuting and outsourcing have become a reality in order to cope with the problem of labor shortage.
Similar trends are being observed in various other countries including Canada, Australia, Europe, UK and China.
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