Political leaders everywhere are falling over each other trying to inspire the younger generation with their vision for the future. Yet, current western demographics clearly indicate that in the next two decades baby-boomers will be the determining force in politics. The baby-boomer generation is swelling the ranks of the grey brigade. They could well shape the politics of many countries through their voting clout.
A recent survey of over-50s quoted by the Financial Times shows the following trends: 65 per cent said they wished to continue to use their skills and experience past normal pension age; 58 per cent said they wanted the social interaction that work brings; and 44 per cent rated work good for their self-esteem. Sociologists, anthropologist and psychologists all seem to agree that work remains important for self-fulfilment even for those nearing or already in retirement.
Some politicians see the changing aspirations of today's aging, but healthier, citizens as a problem rather than an opportunity to promote economic growth and at the same time resolve a social problem. Malta's political class seems to be ignoring this growing political force.
There are convincing reasons why the aging paradigm in Malta must change to satisfy the aspirations of baby boomers and to promote economic prosperity. Many pensioners, and those nearing retirement, are facing financial hardship because the much needed and discussed pensions reform never really took off. Most argue that they are disappointed with our politicians pussyfooting round this problem without having the guts to reform it radically. In the meantime many of our pensioners struggle to survive.
In the 1970s and the 1980s people were promised a pension equivalent to two-thirds of their final salaries, only to be prevented from realising their aspirations with the imposition of a now ridiculously low maximum pension limit. The government has taken a few shy steps to give the possibility to those workers nearing retirement to continue working without losing their pensions entitlement. But it is still not ready to legislate to give the right to all those who want to continue working beyond the statutory limit to do so, even if under different employment terms.
Malta's low labour participation rate makes it important for all those who want to work to be encouraged to do so. Many Maltese workers nearing retiring age, like others in other countries, would love to lengthen their productive working life, even if they understand that this may just be through part-time work or under different financial conditions from those they enjoyed previously.
The fact that 40 per cent of our young people are leaving the educational system without any qualifications means that our labour force participation is unlikely to swell anytime soon as most of these young people are practically unemployable. We certainly need to do more to rescue these youngsters from the human scrapheap where the long-term unemployed inevitably end up. At the same time we have to improve the dependency ratio (ratio of retired people to those still in employment) by enabling elderly people to continue working if they desire to do so.
Eventually, things will have to change. Few governments anywhere have so far come up with a credible plan to resolve the problem of an aging population that is living much longer, is healthier than ever before and wants to remain active. Europeans have for too long put up with weak political leadership that failed to address the pensions and health services time bombs.
The swelling ranks of the grey brigade are not prepared to put on their slippers, fill their pipes with tobacco and vegetate in front of a flat television screen just yet. Those politicians and business leaders, possibly privileged baby boomers themselves, who are not prepared to change the retirement equation that was set in stone many decades ago need to wake up to this reality that is staring them in the face.
Allowing workers to work beyond the statutory retirement age may today seem inappropriate as the creation of new jobs for the young is becoming so challenging. But it is the timid that shy away from this challenge. By doing so they are only bottling up new tensions in our society in the future.
The present greying brigade has transformed the economic, social and artistic life of many countries in the last half century. They are now more than likely to change the way that our society looks at the way we age.
jcassarwhite@yahoo.com