by Growing Needs | Nov 6, 2024 | Community, Resources
On 4 March 2024 at the Ministry of Manpower Committee of Supply 2024, it was announced that the retirement age in Singapore will be raised to 64 while the re-employment age will be raised to 69 in 2026. Currently, the retirement age is 63 while the re-employment age is 68.
What does this mean for seniors?
Seniors would have to work longer – this gradual increase in the retirement age could be partly attributed to the longer life expectancy and to also address the labour crunches in the market today. The way businesses operate and invest in their workers is even more important in this day and age. Companies increasingly have to factor in the changing role of seniors in the workforce and best capitalise on the talent pool to stay relevant.
Common narratives we hear amongst business owners today when it comes to talent management is the weakening loyalties of younger workers and the skill gaps that stem from experience.
There are a number of unfair assumptions about the ability of older workers, which in terms perpetuates the negative stereotypes and build in bias when it comes to hiring older workers.
“Older workers would retire and leave the organisation soon, take more sick leave, unable to adapt to change, and are unproductive” are common stereotypes that are perpetuated throughout the workplace. This discrimination could manifest in the recruitment processes and during promotion, resulting in older workers missing out on opportunities and even worse, encouraged towards early retirement.
The government recognises the changing needs and priorities of older workers and are actively investing in them. The government is coming alongside employers to incorporate best practices such as flexible working conditions, health benefits, career development opportunities that prepare older workers to contribute to the workplace.
The government will support employers who are proactively reskilling existing workers to take on new growth job roles. MOM also announced increased salary support caps for Workforce Singapore’s Career Conversion Programmes from Apr 1. For mature or long-term unemployed workers, the cap will be raised to S$7,500 (US$5,600) a month, up from S$6,000.
Continuous education and retraining programs tailored to older workers, specifically those focused on technology and digital tools, can equip older workers with skills and growth opportunities.
To achieve this, managers and supervisors should emphasise on technology training for older workers, equipping them with key technology skill sets that can help them stay relevant and to pick up something new.
Recognise that every individual is unique – leverage on one’s strengths and skill sets to best position the employee for success. This creates a positive work culture which would help employers drive more positive outcomes for the company. Take for example, senior worker’s professionalism and work ethics can rub off on younger hires to learn a tip or two.
Mentoring will be a valued asset in the modern workforce. Playing the role of a mentor to younger employees is an asset that older employees can harness and coach the next generation of leaders. This is especially so for smaller companies in Singapore which operate in a leaner structure – the network of contacts and experience that senior employees bring can be passed down.
The role of seniors in the workforce would be an ever evolving one, businesses need to keep abreast of these changes and understand how these would affect business operations in order to stay relevant and competitive.
Dismissing the role of older workers would be a costly mistake and would take almost as much or if not more to reverse the decision. The modern workforce today is different from the one previously and this would continue to evolve. Employers must re-pivot and strategise to leverage on the skill sets and wealth of experience that they possess with older workers, using it to keep the business competitive.
Growing Needs grew out of our own encounters with caring for our aging parents and reflecting on the Growing Needs that we ourselves would face as we advance in years. We hope to build a community that will learn, share and contribute towards caring for the growing needs of our loved ones.
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