As inflation soars and the labour shortage in Taiwan continues to expand, more of the country’s middle-aged and elderly people are returning to work and companies are actively recruiting from older age groups to fill the shortage in labor, according to research from job board 104 Corp.

New research shows that in the last year, of the more than 1 million job vacancies in Taiwan, 181,000 were tailored to middle-aged and elderly people, an increase of three times in three years. The three major areas of employment were wholesale and retail, real estate, and the accommodation service industries.

Additionally, according to 104 Corp, during this same period, businesses actively invited 327,000 middle-aged and elderly people for job interviews, which is an increase of 2.3% in the last three years. The older age group are taking advantage of these opportunities, the report indicates. In March, 58,000 took the initiative to apply for jobs. Results show this is an increase of 23.4% in the last three years.

Wu Lixue, general manager of 104 Middle-Aged and Elderly Employment Bank, said new recruitment strategies should focus on those age 55 and older as declining birth rates in Taiwan reduce the labor force.

“With inflation soaring, the self-assessed retirement age of middle-aged and elderly people has been postponed to 64 years old, retirement reserves have risen from 15 million to 20 million, and the willingness to continue working and job hunting has increased, driving the number of middle-aged and elderly active applicant,” the report stated, adding that the monthly average has increased from 47,000 to 58,000.