Panel calls for help for older workers, government grants that run longer in Budget 2024
PANELLISTS at a pre-Budget roundtable have suggested that the government’s upcoming spending plan should include support for older workers who improve their job skills, and a longer-term approach to government grants.
They suggested, for instance, that employers be given additional salary support when employees aged 45 and above attend training courses. Government grants could also be redesigned; instead of funding just the first stage of a project, such grants could provide funding over its life cycle.
The discussion on Thursday (Jan 11) was hosted by the Institute of Singapore Chartered Accountants (Isca) at its Cecil Street premises. The panel was co-chaired by Members of Parliament Liang Eng Hwa and Don Wee; Liang chairs the government parliamentary committee for finance, trade and industry, and Wee is an Isca council member.
Panellist Chew Sutat said many government grants and schemes are in place, but they may not be used to the fullest extent by businesses.
More can be done to inform companies – particularly small and medium-sized enterprises (SMEs) – about how to tap these sources of aid, he said. Chew is the chairman of SGListCos, an association for Singapore Exchange-listed companies.
Liang noted that even as Singapore’s workforce is ageing, industries face the disruptive impact of technologies such as generative artificial intelligence (AI).
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Panellist Irvin Seah, who heads the Asian Insights Office at DBS, said it is therefore important to ensure that older workers do not “fall through the cracks” amid rapid technological advancements.
Noting that nearly half of Singapore’s labour force comprises older workers, he said: “The question is: Are they in a capacity to be able to leverage AI, to help them remain relevant and employable?”
Fellow panellist Aslam Sardar, chief executive officer of the Institute for Human Resource Professionals, said that older workers are more at risk of falling behind in technological adoption. (*see Amendment note)
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He said: “Businesses can have new technology, but if workers don’t know how to use it – so what?”
He suggested that, to help SMEs keep up with the best practices in managing human resources (HR), Budget 2024 could fund on-demand, chief HR officer-as-a-service initiatives – similar to initiatives in the sustainability and IT fields.
This year’s Budget will be delivered by Deputy Prime Minister and Finance Minister Lawrence Wong on Feb 16.
*Amendment note: Based on information from a media release, the article originally used “of” instead of “for” in the Institute for Human Resource Professionals’ name.
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