The Bermuda government aims to raise its working population by 25 percent over the next five years in an attempt to counter a rapidly ageing population
The economy and labour minister Jason Hayward last week announced during the presentation of a position paper entitled ‘Addressing the Challenge of an Ageing Population in Bermuda‘ that the government’s goal was to have an estimated 8,418 extra people working on the island over the next five years – amounting to 1,684 additional workers or a 5 percent annual increase.
According to statistics published in the paper, population projections for the period 2016 to 2026 indicate that Bermuda will have a falling birth rate and a rise in the median age from 44.6 to 48.6. By 2026, seniors (those in the age bracket 65 and above) will comprise almost a quarter of the population, while the size of the main working group (ages 25 to 64 years) is expected to decline.
The changes to the island’s demographics will in turn result in an unsustainably high old-age dependency ratio (OADR), defined as the number of people aged 65 and over per 100 people of working age. In 2017, Bermuda’s OADR stood at 28 but this figure is set to rise to 43.6 by 2026 which would put the island well beyond the projected average for the Organisation for Economic Co-operation and Development.
The position paper includes the government’s stance on the impending demographic crisis and outlines strategies in emigration, immigration, new business development and labour policy changes at a high level. The ministry’s proposals will be put up for public consultation, including a round-table discussion on Bermuda’s ageing population, in the next few weeks.
Promoting large-scale immigration would mark a significant departure in policy from the governing political party and members of the opposition criticised the move imploring the government to “stop publishing what we all know and start making the hard decisions” citing the politicisation of demographics and economics.
The position paper references the government’s 2020 Throne Speech in which an increase Bermuda’s residential population was deemed crucial to support sustainable economic growth and a step in the island’s economic recovery.
The position paper can be read in its entirety here:
