According to the International Labour Organization (ILO), the economic backlash of the COVID-19 pandemic wiped out some 81 million jobs in Asia-Pacific last year. Moreover, millions of other workers were also asked to reduce their work hours.
The populations in many ASEAN countries are ageing fast. Singapore’s population of 65-year-olds is expected to reach 26.6 percent in 2035, while the ageing population of Thailand is expected to reach 22.8 percent. By 2050, Thailand’s old-age dependency ratio will rise to more than 50 percent, according to the International Monetary Fund (IMF).The latest government statistic shows that Vietnam has 11.3 million old people, where 1.8 million are over the age of 80.
