'Massive shift': Older people will exceed a quarter of G7's workforce by 2031, report says
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A whopping 150 million jobs will shift to workers over the age of 55 by 2030, according to a new global study from Bain & Company . In the Group of Seven countries , Bain predicts, older and experienced workers will make up more than quarter of the workforce by 2031. "That's a massive shift," Andrew Schwedel, partner at Bain & Company, told CNBC's " Squawk Box Asia " on Tuesday. "Japan is already at the vanguard of this with almost 40% of the workforce over age 55. Europe and the U.S. are not far behind, [with] anywhere from 25 to 30%." But an aging workforce isn't unique to developed markets — China's elderly population (65 and older), for example, will double by 2050, according to the study. "Fewer young people are entering the workforce, due partly to lower fertility rates, partly to longer education," Bain added. "According to OECD data, a long-term trend toward earlier retirement is slowly going