Singapore hosts summit on ageing workforce

A new report, which pulls together case study examples from around the world to illustrate how employers are coping with an ageing workforce, reveals that Asian-Pacific economies are facing similar challenges to those of Western economies.

‘The Ageing World: Exploring the Response of the Employers’, commissioned by the Singapore Ministry of Manpower (MOM), focuses on the issues that Singapore employers are experiencing and also draws comparisons with the rest of the world.

 Top-line results indicate:

•      The size of the working-age demographic (15-59 years) in Asia is expected to drop from 61 per cent in 2000 to 58 per cent by 2050, which will mean a strain on the labour supply in many Asian countries in the next 50 years

•      Singapore has a rapidly ageing workforce, where the proportion of the over-50s is set to rise from 22 per cent in 2004 to 29 per cent in 2015. The trend is also evident in the UK, where the proportion of the labour force between 50 and state pension age in the UK (65) is already a quarter and is set to rise steadily

•      In Singapore, 44 per cent of employers are now in favour of increasing the retirement age. Thirty-seven per cent of retired people also favour raising the retirement age

•      There is a willingness among Singapore employers to hire older workers. Research shows that more than half of the employers have employed or retained workers over 62.

The findings will be presented at the Singapore Human Capital Summit 2008 on 22-24 October. The CIPD has advised on the programme of the Summit.

Dianah Worman OBE, Diversity advisor at the CIPD, who will be speaking at the Summit, said: “Many countries around the world are facing the challenge of addressing perceptions about retirement and employing older workers as the average age of populations increase because people live longer healthier lives. The Singapore Human Capital Summit 2008 provides a learning platform for the exchange of ideas and experiences on strategies for making progress.”

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