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OPA News Release: [03/09/2005]
Contact Name:
Mike Biddle
or Jane Norris
Phone Number: 202-693-4676
Release Number: 05-0351-NAT
U.S. Labor Secretary Elaine L. Chao Addresses Challenges
Of Aging Workforces at G8 Conference
LONDON—U.S. Labor Secretary Elaine L. Chao addressed
the challenges of aging workforces in developed countries today at the G8
Conference at which labor ministers from around the world gathered. The U.S.
Secretary of Labor called for solutions that would allow older workers greater
flexibility in determining their work lives and increase the pool of available
older workers to meet projected growing demand for workers.
“Education, innovation and flexibility are the keys to increasing the labor
market participation of older workers,” said Chao at the G8 Labor and Employment
Ministers Conference, which included representatives from the U.S., Canada,
United Kingdom, France, Germany, Italy, Japan and Russia. “The challenges
of preparing the workforce for the new jobs of the 21st century can be
transformed into opportunities for older workers and employers.”
Chao assessed the challenges posed by changing demographics in the United
States at the G8 conference on the contrasting employment problems faced
by aging societies in developed countries and surging youth populations in
developing countries. As Baby Boomers born from 1946 to 1964 begin to retire
over the next few years, the workforce will shrink as those born during a
period of declining birthrate from 1965 to 1985 enter the workforce. U.S.
labor force growth is projected to slow from an annual rate of 1.6 percent
over the last 50 years to just 0.6 percent over the next 50 years, a change
that will affect a myriad of issues ranging from employment and training
to health care and retirement.
Chao's remarks highlighted another trend—growing demand for new workers—that
could help overcome the challenge of an aging workforce. In the next few
years, projections indicate job growth in several high-tech, high-skilled
fields within the U.S. service sector—health care, biotechnology, education,
financial services, high-tech manufacturing, retail services, skilled trades
and geospatial technology. One way to meet this demand is for G8 countries
to increase opportunities for older workers.
“The G8 conference themes—aging populations in developed countries and underemployment
in developing countries—are very relevant for the United States,” said Chao. “President
Bush has moved to strengthen retirement security and address shifting
domestic and international workforce demands in the worldwide economy. The
Department of Labor is expanding training opportunities for workers of all
ages to meet the job demands of the 21st century. At the same time, the United
States is providing assistance on underemployment in developing countries
to bolster economic development as well as political and social stability.”
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