Singapore makes headway in tapping silver workers

SINGAPORE was commended recently by Rosa Kornfeld-Matte, a United Nations expert on ageing, for its policies towards the elderly, including its commitment to take a whole-of-nation approach and its investment in ageing-related research.

Indeed, legislation like the Retirement and Re-employment Act (RRA) not only helps to increase the employability of older workers but also allows employers to maximise their return on investment on human capital. Employers are also able to tap a wide range of initiatives offering funding and assistance to create age-inclusive workplaces, upskill and equip older workers with the tools and knowledge to perform well in their jobs. These include Workforce Singapore's WorkPro Job Redesign and Age Management grants, and Professional Conversion Programmes, among others.

These progressive policies, together with employers' changing attitude towards hiring older workers, have resulted in the increased employment of older workers. Today, our employment rate for residents aged 55 to 64 is 67.2 per cent, compared to 53.7 per cent in 2006. This is well above the Organisation for Economic Co-operation and Development (OECD) average of 57 per cent and is comparable to developed countries like Japan (70 per cent) and South Korea (66 per cent).