Friday, February 18, 2005

Singapore: Needs To Tap Ageing Working Population

"Singapore companies and industries have to come to grips with two demographic realities. First, the proportion of young workers to the total working population is dwindling. Second, older workers will make up an increasingly larger segment of the total job market in years to come." Soh Tiang Keng suggests that the government must continue to raise the retiremeent age, that employers need to identify jobs or look for alternative possibilities for older workers, including offering jobs with low fixed salary but higher flexible payout depending on sales and performance, and employees must scale down their expectations and be prepared to be retrained to fit into new types of jobs.

Source: "Mature workers: The vital force" Today Online (February 18, 2005)

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