Minister Shiham urges due preparation to address rising elderly populace

Minister of Social and Family Development Dr Aishath Shiham declares that measures need to be enforced to duly prepare for the rising population of senior citizens.

Statistics gathered from the most recent census reveals that youth makes up the majority of the Maldivian populace. However, it predicts that the elderly will dominate the country's population come 2054.

Speaking at the ongoing Maldives Finance Forum organized by Maldives Pension Administration Office (MPAO) at Kurumbaa Maldives, a resort located 15 minutes from the Maldivian capital Male', Minister Shiham said that the growing elderly population will be accompanied with challenges. However, this can be changed into an efficacy that can alter the course of the country's economic speed if the country's humanitarian resources and other potential benefits are utilized, added the Minister.

Minister Shiham said that this is the perfect time to tap into the dormant youth population and identify methods to provide them with opportunities and progress.

The census reveals that the those under 15 years of age makes 20 percent of the country's youth population. Meanwhile, those between 15-64 years makes 76 percent of the country's workforce while senior citizens over 65 years accounts for 4 percent of the country's population.

In light of future changes predicted in the community, the Maldives will observe a sharp rise in elderly population up to 7 percent by the end of 2030. This figure is expected to double to 14 percent by 2050 and demographic surveys show that the Maldivian population's median age will rise from 32.1 years to 47 years by the end of 2050.

"Through promoting young workers, devising methods to foster essential work talents and facilitating jobs for the youth, economic speed can be expedited and youth can be nurtured into financially responsible, hard-working people with the drive to progress the country," said Shiham.

According to the Minister, the government is also proceeding efforts to fully utilize the benefits of the youth populace. She emphasized that several efforts are also underway to facilitate progress in their career and provide the youth with additional opportunities.

Minister asserted that no important actions were enforced to further secure the elderly's income during past years. To rectify this, a framework has been formulated to establish a refined system which ensures economic security, revealed the Minister.

The new framework will subsequently ensure a solid system that can establish economic security in a progressive and sustainable manner, she said.