Like many developed societies, Hong Kong is suffering from a rapid ageing population, especially when taking into account the imminent retirement tide of the baby-boomers. According to the Census and Statistics Department, the proportion of the ageing population is projected to rise sharply from 13% in 2011 to 30% in 2041, making Hong Kong a "Hyper-aged Society."
Since most organisations require their older employees to leave the workforce when these employees are reaching retirement age, the experienced, skillful, and still able-to-work manpower will be completely wasted, which severely lower the city's productivity due to a shrinking labour force. In addition, with the group of ageing workforce gradually leaving the market in the future, the demands on social security and other related expenses are expected to increase.
Ng, A., Chun, D., & Fok, E. (2015). Must I retire?: Optional retirement as a solution to ageing workforce. Asia Pacific Institute of Ageing Studies Newsletter, 6, 1-3. Retrieved from http://commons.ln.edu.hk/apias_nlj/vol6/iss1/12/