Defusing the demographic time-bomb: Tackling the jobs-and-care crisis

Older persons past their productive age are considered burdens on economies. Governments cannot provide sufficient pension and medical care without taxing younger people who are earning

World Bank President Ajay Banga says, “The best way to put a nail in the coffin of poverty is to give a person a job.” He says a time bomb is ticking in the world. In the next 12 to 15 years, 1.2 billion people in emerging markets (the largest number in India) will be looking for a job, but only around 400 million will be available. “The gap of 800 million jobs is not a demographic dividend. If you are worried about illegal migration and military coups, just wait,” he warned the US Council on Foreign Relations this month.