Latest news with #workforceParticipation
South China Morning Post
28-05-2025
- Business
- South China Morning Post
What experts say Hong Kong gets right and wrong in plan to tap ‘silver economy'
Hong Kong's plan to tap the multibillion-dollar 'silver economy' and bolster elderly residents' spending power requires measures that will increase their participation in the workforce and give them more income, such as a flexible retirement age and better medical insurance, analysts have said. Advertisement The government on Tuesday announced 30 measures aimed at reaping the economic rewards of the ageing population. Deputy Chief Secretary for Administration Warner Cheuk Wing-hing outlined five key areas his new working group would tackle: boosting consumption, developing industries tied to the silver economy, promoting quality assurance of 'silver products', enhancing financial arrangements for the demographic and unleashing the productivity of older residents. Elderly women play cards in To Kwa Wan. According to authorities, the spending by people aged 60 and above reached about HK$342 billion in 2024. Photo: Sam Tsang 'As the population ages, the elderly are becoming healthier and wealthier,' Paul Yip Siu-fai, a professor at the department of social work and social administration at the University of Hong Kong, said. 'Providing more preferential offers to them will help drive the silver economy. 'This should be done, but it remains to be seen whether the measures are enough. More needed to be done to spur the overall growth of the market surrounding the needs of the elderly, he added. Advertisement The number of people aged 65 and above in Hong Kong is expected to increase from 1.64 million in 2023 to 2.67 million in 2043, accounting for about 35 per cent of the population, according to official projections.
Free Malaysia Today
20-05-2025
- Business
- Free Malaysia Today
Retaining women in workforce key challenge for Malaysia, says World Bank
Shakira Teh Sharifuddin said women's workforce participation in Malaysia is highest between the ages of 15 and 29. (Bernama pic) KUALA LUMPUR : Retaining female employees is a key concern for Malaysia to address in its push to boost women's workforce participation, says a World Bank senior economist. Shakira Teh Sharifuddin said women's workforce participation in Malaysia is highest between the ages of 15 and 29, indicating that many enter the workforce after finishing school. However, she said many women leave the workforce in their late 20s or 30s to care for children or elderly family members, and unlike in many countries, few return. 'This is Malaysia's biggest challenge – keeping women in the labour market,' she said at a panel discussion on creating family-friendly workplaces here today. Fellow panellist Amy Baum, a specialist in women's economic empowerment at UN Women, said workplace culture must evolve to support women. She also highlighted how an increasing number of companies are offering family-friendly policies like on-site childcare, flexible work hours, and shared parental leave. TalentCorp chairman Wong Shu Qi said both the public and private sectors must collaborate to build inclusive work environments suited to organisations of different sizes. She said the economic impact of gender inclusion is clear. 'Increasing women's participation in the labour force could boost Malaysia's GDP by 7% to 12%. This is not just a gender issue, it's an economic one,' she said, adding that inclusive workplaces also drive innovation and improve business performance. The labour force participation rate for women stood at 56.2% in 2023, according to the statistics department. The LFPR for female graduates in 2023 was higher at 83.2%. In 2023, women, family and community development minister Nancy Shukri said the government aspired to increase labour participation by women to 59% by 2025. Earlier, UN Women, LeadWomen, and TalentCorp – supported by Australia's department of foreign affairs and trade – launched the Malaysia Women's Empowerment Principles Corporate Action Lab (WEPsCAL) at a hotel here. WEPsCAL is a cohort-based programme that helps companies develop gender equality strategies. The first group includes 11 companies from various industries, such as AirAsia Aviation Management Services Sdn Bhd, and QSR Brands (M) Holdings Bhd. WEPs, a globally recognised framework, guides businesses in adopting gender-inclusive policies across their operations.
