Aging Workforce in Singapore
Overview of Aging Population in Singapore
Populations in many developed countries are ageing, and Singapore is no exception. The first batch of post-war baby boomers will reach 65 years of age by 2012. The number of seniors will increase from 8.4% in 2005 to 18.7% in 2030 (refer to Table 1).
According to the 2010 Population Report,
The proportion of residents (i.e. citizens and PRs) aged 65 and above increased from 7.0% of the resident population in 1999 to 8.8% in 2009. Correspondingly, the number of younger residents aged 15-64 for every resident aged 65 and above (i.e. the old-age support ratio) fell from 10.1 in 1999 to 8.3 in 2009 (refer to Table 2). (Singapore Department of Statistics, 2010, p. 4)
Today, one out of every 12 Singaporeans is aged 65 or above. By 2030, this ratio will become one out of five.
On January 2011, the parliament has passed down the new employment law of changing to retirement age from 62 to the age of 65 from January 2012. This is a good news to many Singaporeans who felt that they are still capable of working beyond the retirement age of 62 (Nayak, 2011, para. 3).
An ageing population brings both challenges and opportunities, having tremendous effect on all parts of our society – individuals, families, communities, businesses and government. Therefore, we ought to prepare early for the challenges of an ageing population to ensure the well-being of our seniors and their families to provide the first line of support. At the same time, we must be ready to seize the economic opportunities that will emerge from the demographic shift.
Aging Workforce in the Hotel Industry
With relevance to the major demographic trends, aging population, this revolution will change the face of our labour market. Correspondingly, the workforce is not only ageing, but also growing at a much slower pace. Increasingly, companies are facing problems in recruiting replacements for retiring employees. This is a reality that companies have to
Populations in many developed countries are ageing, and Singapore is no exception. The first batch of post-war baby boomers will reach 65 years of age by 2012. The number of seniors will increase from 8.4% in 2005 to 18.7% in 2030 (refer to Table 1).
According to the 2010 Population Report,
The proportion of residents (i.e. citizens and PRs) aged 65 and above increased from 7.0% of the resident population in 1999 to 8.8% in 2009. Correspondingly, the number of younger residents aged 15-64 for every resident aged 65 and above (i.e. the old-age support ratio) fell from 10.1 in 1999 to 8.3 in 2009 (refer to Table 2). (Singapore Department of Statistics, 2010, p. 4)
Today, one out of every 12 Singaporeans is aged 65 or above. By 2030, this ratio will become one out of five.
On January 2011, the parliament has passed down the new employment law of changing to retirement age from 62 to the age of 65 from January 2012. This is a good news to many Singaporeans who felt that they are still capable of working beyond the retirement age of 62 (Nayak, 2011, para. 3).
An ageing population brings both challenges and opportunities, having tremendous effect on all parts of our society – individuals, families, communities, businesses and government. Therefore, we ought to prepare early for the challenges of an ageing population to ensure the well-being of our seniors and their families to provide the first line of support. At the same time, we must be ready to seize the economic opportunities that will emerge from the demographic shift.
Aging Workforce in the Hotel Industry
With relevance to the major demographic trends, aging population, this revolution will change the face of our labour market. Correspondingly, the workforce is not only ageing, but also growing at a much slower pace. Increasingly, companies are facing problems in recruiting replacements for retiring employees. This is a reality that companies have to
References: Nayak, Shivali. (2010, January 14). Singaporeans welcome new retirement age of 65 The Straits Times, para. 3). Singapore Department of Statistics. (2010, June). Population in Brief 2010 [Fact Sheet]. Retrieved from http://www.singstat.gov.sg/stats/themes/people/popinbrief2010.pdf Tripartite Alliance for Fair Employment Practices. (2010). Leading Practices for Managing Mature Employees. Retrieved from http://www.fairemployment.sg/assets/files/Publications/Publication%20-%20Leading%20Practices%20for%20Managing%20Mature%20Employees.pdf