Elderly Care now a Major Industry in China
Elderly care has become a major industry in China as the population ages. By next year the country estimates that there will be around 11 million people retiring. The rapid increase in the number of retirees has highlighted the inadequacy of China’s elderly care.
It is estimated that families will have to take care of up to 12 seniors if their parents and grandparents will be in need of elderly care. Retirement homes must have an additional 3.4 million beds by 2015 to accommodate the elderly that needs care and it will cost 300 billion yuan. And by adding more beds it will also create around 5 million additional jobs and will generate revenue of 450 billion yuan
It is also expected that the demand for an upmarket elderly care homes will be needed. a real estate developer said that although some families can afford to send their family members to upmarket care homes the government along with social institutions must make efforts to provide care homes to care for old people from low income families.