Video: Minister Hayward On Ageing Population
[Updated with PDF] Minister of Economy and Labour Jason Hayward is holding a press conference this afternoon [Sept 1] on the “challenges of an ageing population in Bermuda.” We will have additional coverage later on and in the meantime the live video is below.
Update: The live broadcast has concluded and the 18-minute replay is below
Update 3.20pm: Minister Hayward’s remarks:
Good day to members of the media and the listening public.
Economies with ageing populations around the world have been presented with numerous challenges, including increased healthcare and long-term care spending, labour-force shortages, declining economic activity and old age income security.
Bermuda is no different. We have a rapidly ageing population, which will present a common set of challenges to those experienced worldwide. Current statistics show that demographics are working against Bermuda in terms of our total population and demographic profile.
The analysis of data from Bermuda’s Population Projections 2016 – 2026 highlights the reality of:
- Bermuda’s couples have insufficient children to replace themselves due to a decreasing number of births and an increasing number of deaths.
- Bermuda’s median age is increasing from 44.6 to 48.6 years of age and showing no slowing of this trend in the foreseeable future. Additionally, as life expectancy increases, in 2026, seniors 65 years and over will represent nearly one-quarter of Bermuda’s population. At the same time, the age groups from 25 to 64 years, which is also the main working group, are expected to decline.
- More people ageing and retiring over the coming years, coupled with increasing life expectancy and declining birth rates, will make it difficult for employers to secure enough qualified Bermudians to fill vacant positions and likely impact the structure of our society and economy.
Bermuda’s ageing population will have significant implications on the island’s economic growth and health care, among others. Based on the population’s demographic trends, our current working population will be unable to support the local economy in the years to come. As a result of the strong correlation between economic growth and the demographic structure of the labour force, the anticipated decline in Bermuda’s labour force due to an ageing population will directly impact Bermuda’s ability to maintain sustainable economic growth over the coming years.
Old Age Dependency
The old-age dependency ratio is the ratio of the population 65 years and over to the population of 20 to 64 years. The old-age dependency ratio can gauge society’s capacity to maintain the quality of life of seniors.
With the continuation of Bermuda’s ageing population trend, it is predicted that Bermuda’s old-age dependency ratio will be higher in 2026 than the projected OECD average. In 2017, the old‐age dependency ratio was 28.0; by 2026, it is projected to soar to 43.6. This means that in 2026 there are expected to be 44 seniors for every 100 people of working age [20‐64 years]. This measures the working-age population’s ability to support persons 65 years and over.
The increase in the old age dependency ratio signifies that there will be increased pressure placed on the working population to support our senior population. To move Bermuda’s ratio closer to the OECD average and maintain an appropriate level of economic growth, the Government will need to reduce the old age dependency ratio by increasing the working population, among other measures.
Position Paper
The Ministry of Economy and Labour has created a position paper entitled Addressing the Challenge of an Ageing Population in Bermuda. The purpose of this Paper is to state the Government’s position on the demographic challenge of an ageing population, as measured by the old age dependency ratio, and to articulate the approach it will take to reduce that ratio primarily by increasing the working population in Bermuda. The impact of executing this approach will be sustainable economic growth and the creation of new jobs. The Paper is available for review from the Resources section in the Ministry of Economy and Labour on gov.bm.
In support of advancing meaningful social commentary on this topic, the Ministry will also be holding a round table discussion on Bermuda’s Ageing Population. Details will be provided in the coming weeks, but the event will be broadcast live on the Government’s Facebook page, YouTube channel and CITV.
When the time comes, I encourage the people of Bermuda to tune in and listen to this discussion that is vital to the future of our country.
Thank you.
‘Addressing the Challenge of an Ageing Population in Bermuda’ follows below [PDF here]
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the “challenges of an ageing population in Bermuda.”
Yes, and the challenges of collecting taxes from people like me who might move somewhere affordable to retire
Me and my extended family are right behind you.
Well duh. We’ve all known this for years. The numbers do not add up, never have.
PLP have had from 1998 to tackle this, and it is not rocket science or was unknown as it’s a worldwide issue It was the proverbial kicking the can down the road and cannot be fixed easily or quickly. The OBA made an attempt to increase the resident population but was shouted down.
Just another failure to plan by the PLP.
How is it a worldwide problem? There’s no more babies being born in bermuda because everyone has moved to the UK. No where in the world is that an issue other than bermuda, because it’s so small you can clearly see the affects. There’s nothing for the young generation so they are smart enough to leave. The younger generation can’t even buy a house in bermuda or get jobs because of the older population who have been at the same job for 50 years smh. That’s not a good thing and slowly but surely they have all left. Who can blame them bermuda is finished
“No where in the world is that an issue other than bermuda, … The younger generation can’t even buy a house in bermuda or get job”
That is not correct. If you read the Canadian or British news you will find that exactly the same things are being said there.
The problem is that the working age population is shrinking. Couples today are not having as many children as my generation (Baby Boomer) and those before me did. That means that when I retire there will be fewer people paying taxes to support me in my retirement.
So you think ageing demographics is something entirely unique to Bermuda, and could not possibly have been predicted until now. Is that it?
Michael Fahy 9 v 0 The PLP.
Jason Hayward currently benched in the Corona League.
And Larry Burchall, 10 years ago he wrote about term limits must be scrapped, and endless brilliant articles about the money running out.
Turns out he was spot on, and the PLP were wrong. And now we are broke.
But you’ll still keep voting for them, won’t you?
When the OBA tried to address this all we got was protests, and pseudo-hunger strikes. This has been decades in the making. Larry Burchall used to write about this very clearly, with his explanations of NANCI and the impact of ResPop. The only people too arrogant to listen were the PLP.
“Mr Hayward warned of increased costs, economic slowdown and “a rise in healthcare costs in particular” unless the island acts to avert the problem.“
No sh*t Sherlock. This has already happened in case you didn’t know, and we were all predicting this 15 years ago. You know, around the time the PLP were getting into full swing chasing people away.
Twats.
The plp are proving daily that they are ill equipped to Govern they may know how to win an election using rhetoric , deception , and racial scaremongering but they fail in Vision , implementation and skills to manage. This is no surprise to the majority of Bermudians but listening to Hayward you would have thought this happened overnight and they didnt know.
guess thats what 30 – 6 gets you
thanks