Taiwan’s population will start declining four years earlier than projected in 2022, with seniors accounting for over 40 percent of citizens by 2061, according to the National Development Council Aug. 18.
“Taiwan is aging at an accelerating rate, faster than most developed countries. This poses a serious challenge to national development planning,” an NDC official said.
The report will be forwarded to the Cabinet for consideration by relevant agencies, especially regarding human resources planning, industrial development, medical services, social welfare provision and urban housing.
To mitigate the demographic shift, “effort needs to be made to boost labor participation and productivity, and create an environment that encourages marriage, parenting and senior employment,” the official added.
According to the council, Taiwan’s population will reach 23.42 million this year, with those 65 and over comprising 12 percent of the total. Assuming a median total fertility rate of 1.1, the country will become a super-aged society in 2025, when the elderly comprise over 20 percent of citizens.
By 2061, Taiwan’s population will decrease 23 percent to 18 million. While a low birth rate will reduce the youth dependency ratio—the number of those younger than 15 per 100 individuals in the working age—to 17.2 from 18.8, the senior dependency ratio will surge from 16.2 to 81.4, resulting in a total dependency ratio of 98.6 from 35 this year.
At the same time as Taiwan’s population is rapidly aging, its workforce as a percentage of total population, which currently stands at over 70 percent, is fast decreasing. It will join Japan and South Korea in dropping below 50 percent in the next 50 years. (SFC-SDH)
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