The size of the Asian working population is to contract, according to a new report.

The report, from the Chartered Institute of Personnel & Development (CIPD), shows that the working-age demographic (15-59 years) in Asia is expected to drop from 61% in 2000 to 58% by 2050.

The report also reveals that Singapore has a rapidly ageing workforce, where the proportion of the over-50s is set to rise from 22% in 2004 to 29% in 2015, and 44% of employers are now in favour of increasing the retirement age, while 37% of retired people also favour raising the retirement age.

Dianah Worman, diversity advisor at the CIPD, said: “Many countries around the world are facing the challenge of addressing perceptions about retirement and employing older workers as the average age of populations increase because people live longer healthier lives. We need innovative and creative solutions based on providing more choices about working that will engage well with the needs of business and the marketplace. Sharing these enables progress to be made and avoids re-inventing wheel. Everyone wins.”