Life-style of middle aged adults

Economic security
 objectives
• Discuss the economic security condition of
middle aged adults.
 Introduction
• Economic Security means having enough money
to meet their needs and little extra for the
special things they want.
The international Labor Organization- United
Nations defines Economic Security as:
• Access to basic needs, infrastructure for health,
dwelling, information, social protection as well
as work related security such as income security
and voice representation.
 Economic security
1. Middle- agers are anxious about planning for
future living expenses. They are worried
about
• Possible future illness in
themselves or family members
( with expenses for medication,
home care, paramedical services,
Specialized housing needs, etc).
 Cont ……
2. Changing taxation structures may affect
disposable income, and pensions may not be
adequate to meet the need.
3. Job closure or lay-offs may limit personal
goals, financial security or desired lifestyle.
source: topnepali.com
 Unemployment
• Unemployment refers to the share of the labor force
that is without work but available for and seeking
employment.
• For many workers, unemployment is a hard reality of
life and the implication are more psychological than
economic.
• Currently, Nepal has a significant adolescent
population. This means more people will be entering
the labor force each year.
 Con…..
• ILO(International Labor Organization) estimates over 400,000
young people enter the labor force every year in Nepal.
• A young country demands ample work opportunities,
however lack of desired employment opportunities drive
most youths of the country overseas in search of better work
experiences and higher income.
• The labor force includes the people who are either employed
or unemployed, i.e., who don’t have a job but are actively
looking for one.
• The labor force doe not include children, students, prisoners,
retirees and does not have an interest in job.
• Currently, the total active workforce in Nepal is around 7
millions and out of it 1.7 million are unemployed.
 Cont…
• Everyday 2000 youths are going abroad for jobs.
• In the 10 months of the current financial year
2022/23, the number of people going abroad for
foreign employment has exceeded 660,000.
• External shocks of permanent labors from bordering
India in Nepalese job market are unavoidable factors
due to open borders. There are no scientific statistic,
but it is estimated that their number are close to a
million, more than Nepali work in India.
 Con…
• Jobs are a critical point of the economy. Employment
measures the economic health of the economy. GDP(Gross
domestic product) could be slower if the unemployment rate
is high. It is believed that 4-6% unemployment is natural and
more than 6% is supposed to be bad for the economy.
• Nepal has been always failed in generating employment to
its citizen in minimum level. As result of the declining nature
of agriculture and manufacturing sectors are unable to
absorb rural unemployment youths, previously which were
youths, previously which were the highest sources of
employment.
 Nepal Unemployment Rate 1991-2023
• Nepal unemployment rate for 2022 /2023 was
11.12%, a 6.07% increase from 2021.
• Nepal unemployment rate for 2021 was 5.05%, a
0.33% increase from 2020.
• Nepal unemployment rate for 2020 was 4.72%, a
1.63% increase from 2019.
• Nepal unemployment rate for 2019 was 3.10%, a
0.1% decline from 2018.
• Nepal unemployment rate for 2018 was 3.19%, a
0.13% decline from 2017.
source: world Bank
Working age population 2019
Source: World Bank
 Nepal Unemployment Rate

Source: Central Bureau of statistics, Nepal

 Suggestions for middle adult aged who is
Unemployed
1. Raising the minimum wages (the current minimum wage In Nepal
is NPR15,000 per month in 2023. it become valid on July 16, 2021).
2. Improving or eliminating subminimum wages.
3. Improving labor law enforcement.
4. Updating wages and hiring rules.
• Hiring rules in Nepal for nontechnical sectors
18 years old and no older 35 years old for men and 18 year old and
no older 40 years for women.
For Technical sectors
18 years old and no older 40 years old for men and 18 years old
and no older 45 years for women.
 Cont…
5. Providing support for unemployed workers.
• Talk about subjects other than unemployment.
• Encourage the person/ family to relax and have fun.
• If the person is a friend or relative, help, including
food, clothing, and finances.
• Allow the person to express feelings.
• Remind the person that unemployment is a
reflection of current economic conditions, not of
personal worth.
 References
• Murray and zenter 17 edition, Health promotion strategies
through the lifespan, page no 686.
• Chandra sapkotas blog
• Central Bureau of statistics (CBS)
• World Bank
o https://social.un.org
o https://www.adb.org
o https://www.nasi.org.research
o https://msw.usc.edu
o https://www.statista.com
 Summarization
There are different components of life-style of middle aged adults.
Economy security is one of the important component of life-style
of middle aged adults. Economy security access to basic needs,
infrastructure for health, dwelling, information, social protection
as well as work related security such as income security and voice
presentation. Changing taxation structure may affect disposable
income, and pensions may not be adequate to meet the need.
Income tax rate in Nepal 2079/80 is 1% to 36% which rate is
different in individual and couple assessment. A young country
demands ample work opportunities, however lack of desired
employment opportunities drive most youths of the country
overseas in search of better work experiences and higher income.
Everyday 2000 youths are going abroad for jobs. Nepal
unemployment rate for 2022 is 11.12% , 6.07% increase from
2021. Nepal is in 19th rank as compere similar country ranking of
unemployment for 2019 is 5.05%.Suggestions for unemployed
are raising minimum wages, eliminate subminimum wages,
improving labor law enforcement, updating hiring rules and
wages and provide emotional, financial support .
THANK
YOU!!