Tech investment, rehiring retirees can address labour shortage, govt told

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Tech investment, rehiring retirees can address labour shortage, govt told

Economists suggest that investing in technology and rehiring retirees can help mitigate the economic impact of a shrinking workforce. Automation, digitalisation, and AI are seen as key tools to enhance labour output and maintain economic productivity amidst a dwindling workforce. The adoption of advanced technology can boost productivity and compensate for any decline resulting from a reduced labour force.

The United Nations Development Programme predicts that Malaysia will become an aged nation by 2044 and a super-aged nation by 2056, emphasizing the urgency for strategies to address the demographic challenges. Engaging retirees in suitable roles is highlighted as crucial to maintaining an optimal level of the labour force to support economic growth. Countries like Singapore have already taken steps to encourage seniors to remain in the workforce by raising the re-employment age and providing support for job restructuring.

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