Singapore workers continued to see high employment rates, and grew at a faster pace with 64 per cent of residents aged 55 to 64 employed in 2012 compared to 61.2 per cent in 2011, according to the “Singapore Workforce, 2012” report by the Ministry of Manpower.
The improved employment rate signals continued employability for older workers, and is a positive development for Singapore as it addresses the needs of an aging population, said the National Trades Union Congress (NTUC).
“Given the generally smooth outcome, I hope the tripartite partners would consider further enhancing the upper end of the legally mandated re-employment age from 65 to 67.
“This will not only enable more older workers to earn income for more years, but would also help companies meet the challenges of a tight labour market and reduce reliance on foreign labour,” said NTUC’s Deputy Secretary Heng Chee How.
The results from the report are aligned to a recent survey carried out by the NTUC Re-employment Group between July and September 2012. The survey received responses from 118 unionised companies.
From the 54 companies which had workers turning 62 years old in 2012, over 90 per cent (607) of these workers were offered re-employment. Out of these who were offered re-employment, 97 per cent (589) accepted re-employment.
Of the 118 companies surveyed, about three in four companies did not adjust the wages for the same job for re-employed older workers.
