Select your profession wisely as it has far-reaching consequences beyond monetary compensation. This profound realization was derived from my analysis of two articles I came across last week.
To begin with, the fiscal risks and sustainability report published by the Office for Budget Responsibility intrigued me more than anticipated. This official forecaster of the government delves into the concerning 400,000 increase in individuals unable to work due to illness since the onset of the pandemic. It reveals that the overall health of the British population has been deteriorating over time, even before the advent of Covid-19, primarily driven by an aging populace and a surge in mental health issues.
However, the truly alarming aspect pertains to the specific demographics experiencing declining health. The rise in the number of individuals too unwell to work is predominantly concentrated among low-income workers in customer-oriented roles (such as caregivers, cleaners, salespeople, and leisure industry staff) as well as renters. It is the economically disadvantaged sectors of British society that are bearing the brunt of declining health.
Moving on to the second article, it provides a global perspective, reminding us that one’s occupation significantly influences the age at which retirement occurs. This correlation is primarily due to the physical demands of the job (as well as the feasibility of adapting to changes or adopting flexible working arrangements).
The extensive variability in retirement ages across different occupations in the United States is striking, ranging from 55 to 70. The authors of the study also emphasize that these substantial gaps in retirement age have a significant impact on the average retirement age of an economy, thereby influencing how concerned governments should be about their aging populations. This serves as an additional reason for individuals harboring nostalgia for manual labor-intensive jobs to reevaluate their views, beyond merely considering the financial repercussions.
Promoting quality work should serve as the foundation of both Britain’s economic strategy and its healthcare strategy.
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