Monday, May 28, 2018

Singapore: Manpower Ministry Announces New Workgroup on Older Workers

In her speech at Workplan Seminar, Mrs. Josephine Teo, Singapore's Minister for Manpower, addressed strengthening tripartism, and announced that, in focusing on her first initiative concerns--older workers--she would be convening a Tripartite Workgroup on Older Workers. As about one in three of our resident workforce today is aged 50 and above, and older workers have anxieties about the future, particularly as technology disrupts businesses and jobs, the Workgroup would focus on:
  • Ensuring an inclusive workforce and progressive workplaces that values older workers;
  • Reviewing the longer-term relevance of the retirement and re-employment age;
  • Considering the next moves on the retirement and re-employment age; and
  • Examining the CPF contribution rates for older workers and their impact on retirement adequacy.
In her speech, Teo also talked about falling fertility rates in other countries and rising participation rates by older workers and raised three questions, which the Workgroup presumably would be addressing:
  1. With respect to the international definition of “working-age”, should we continue to assume that most people do not work beyond age 64?
  2. If so many countries will have older populations, how can we turn this into a competitive edge for our economy and society? How to make longevity = opportunity for Singapore?
  3. For employers, if TFR is falling and populations are ageing, how can we help them adjust their HR strategies to better tap the senior workforce?
Source: Ministry of Manpower Speech at Workplan Seminar (May 28, 2018) Additional sources: Channel News Asia"New tripartite workgroup to study concerns of older workers" (May 28, 2018); The Straits Times "New work group on older workers to look at policies including retirement age and CPF rates" (May 28, 2018); Today "CPF contribution rates for older workers, relevance of retirement age to be reviewed: Josephine Teo" (May 28, 2018)

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