Taiwan’s first-ever middle-age group census was released June 30 by the Directorate-General of Budget, Accounting and Statistics, serving as a key reference for long-term population-based policymaking.
Conducted in October 2014, the survey found that those aged 45-64 totaled 6.79 million, with 94.62 percent having worked before and averaging 25.61 years of experience.
Among the 6.16 million possessing full-time work experience, 4.12 million are employed and have an average age of 52.5. For those out of work, only 11.08 percent expect to enter the job market again.
Of respondents expressing no intention to work in the future, the average age was 56.72, with females accounting for 68.97 percent. Homemaking, age and health concerns are the top reasons for opting out of the job market.
Nearly 36 percent of the 5.53 million who worked after the age of 45 had left their places of employment. A total of 38.43 percent were forced to do so, and 37.95 percent successfully landed a job in 7.13 months.
Out of the 2.74 million on payroll, 36.05 percent harbored fears of job loss, citing closing businesses or relocation, an unfriendly work environment for older staff and replacement by the youth.
Nearly 39 percent of the demographic provides for a family, with 70 percent of those aged 45-49 responsible for household spending. Around 5.52 percent need to look after and support parents and children at the same time.
In terms of retirement planning, 66.92 percent of those currently working expect to exit the job market at an average age of 62.48, or a decade from now.
For the 2.01 million permanently exiting the job market, females accounted for 66.01 percent at an average age of 42.82, while male comprised 34 percent at 51.92.
Concerning post-retirement financial planning, close to 70 percent said they are already prepared and listed pensions, labor insurance benefits and personal savings as the top three sources of income. (SFC-JSM)
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