Governments Must Adopt Policies to Incentivise Foreign Workers to Remain in the Country During Their Retirement Years
- Written by: iPMI Global
In this iPMI Global In Focus Expatriate Life article, iPMI report author and market analyst Ian Youngman, takes a look at Mercer's report on The ‘Silver Dollar’ Opportunity: Competing for Retirement Capital.
- Traditionally expat workers were expected to go home after they retire but that may no longer be true.
- Retaining foreign workers into retirement is a major opportunity for emerging and established expatriate destinations, with global competition for “silver dollars” set to increase rapidly in the next decade, HR consulting company Mercer says.
- Established and emerging retirement destinations have a head start through existing and fast-growing expatriate populations, Mercer's report on The ‘Silver Dollar’ Opportunity: Competing for Retirement Capital said.
- By adopting policies specifically designed to incentivise expatriate workers to remain in a jurisdiction through retirement, countries can capitalise on this head start in the competition for silver dollars.
- The report says that countries building and growing a strong expatriate component within their workforce, the ‘silver dollar’ opportunity to retain these workers up to and during retirement should not be overlooked, particularly given the high-earning status of many expatriates.
- They have an advantage in being able to encourage the ‘captive audience’ of workers already living in their jurisdiction to stay through retirement.
- According to The Economist, "A greying world spends vigorously on health. With about one in ten people aged 65 or older, health care makes up one-tenth of global GDP". Global aging increases the demand for healthcare services.
About the Author
Ian Youngman is an independent writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports, and undertakes research for companies. To read his latest report, International Health Insurance 2023, please click here, or visit the REPORTS section of iPMI Global.
