Raising the Retirement Age

"Economic growth is a function of the size of the workforce, the amount of capital employed and the rise in productivity. If the workforce shrinks, as demography shows it will, all the growth will have to come from capital investment and productivity improvements. In Japan, where the working population is already getting smaller, economic growth has been minuscule, despite a good productivity record. To counteract a shrinking labour force, the retirement age needs to be raised."