SINGAPORE FIRMS URGED TO RECOGNISE VALUE OF EMBRACING AGEING WORK FORCE

SINGAPORE, Oct 7 (Bernama) -- Companies in Singapore should recognise the
value of embracing the ageing workforce and find new ways to benefit from the
experience of their older workers, says Minister of State for Trade and
Industry, Teo Ser Luck.

"As companies work towards boosting productivity through improvements in
technology, processes and strategies, an important factor that they must also
take into consideration is Singapore’s ageing workforce.

"Between 1999 and 2010, the median age of the resident labour force rose
from 38 to 41 years.

"By 2020, about one in six Singapore residents will be 65 years or older,
compared to one in nine in 2010. In addition to this greying phenomenon,
employers will also be impacted by the new re-employment legislation," Teo said
at the Supply Chain and Productivity Cluster Technology Day 2011 at Republic
Polytechnic here.

Currently, he said the statutory retirement age is set at 62 years.

The Retirement and Re-employment Act (RRA) which will come into effect
January next year, provides an option for older employees to work past the
statutory retirement age, till they are at least 65.

Teo said this will later be increased to the age of 67. The legislation
provides workers with the opportunity to work longer so that they can continue
to contribute to their organisation.

At the same time, he said it provides employers with the flexibility to
continue tapping on the expertise and experience of their older employees.

"In light of our ageing workforce and the re-employment legislation, the
government has been assisting companies to enhance their HR systems, working
environment and business processes in order to facilitate the recruitment,
retention and re-employment of older workers.

As a champion of the local manufacturing community, the Singapore
Manufacturers’ Federation is taking the lead in encouraging local
manufacturers to adopt innovative strategies,that both address their business
needs as well as realise the mature workers’ potential for positive
contributions," he added.
-- BERNAMA