Solutions to an Aging Population

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Solutions to an Aging Population: How to Prevent Economic Problems Caused by this Issue

Different tax policies

Tax expenses should be reassessed and definitely decreased.

The taxation reformation should also encourage economic growth without raising taxes for civilians.

Revise taxation to create a better balance between revenue and expenditures, which will save money.

Less unemployment

More carefully consider immigrants' skills and credentials to give them the best possible employment options.

Revise the Canadian Employment Insurance program to better address unexpected unemployment issues.

Provide more incentive for Canadians to work, which will lessen unemployment.

Increased immigration

More immigrants also means more children, who will help contribute to the economy and workforce in the future.

More immigrants means more workers to support an increasing dependency load.

Immigrants bring in a large labour force, which is key for maintaining economic stability.

Phased-in retirement

Encourage volunteering for those who can no longer work.

Allow older people to remain in workforce and continue to pay taxes, but decrease their hours.

Increase the retirement age.

Revised healthcare

Also decrease spending by restricting salary increase for healthcare workers.

To decrease healthcare spending, pay healthcare workers a salary, instead of for each service.

Change hospital system into a series of smaller clinics to save money.

The hospital system is very expensive and therefore unsustainable.

Cited Sources

See document submitted on the classroom; I had trouble citing them here because of limited text options. (You can use the google drive link attached to this bubble.)