SINGAPORE: As Singapore’s population ages, the government, organizations and companies are joining forces to evaluate and overhaul strategies for top job.
A new Tripartite Workgroup on Senior Employment will produce policy recommendations to help older workers remain effective and employable, and encourage age-friendly jobs and workplaces.
The workgroup will be set up this year and will also convene an Alliance for Action to explore multi-stage careers for mature workers, Senior Minister of State for Manpower Koh Poh Koon said in parliament on Friday ( Mar 7 ).
This comes as Singapore’s labour force participation rate fell for the second time in a row, mainly because elders are making up a larger proportion of residents. In 2024, the labour force participation rate for people aged 15 and previously stood at 68. 2 per share, over from 68. 6 per share in 2023 and 70 per cent in 2022.
” Our population is ageing, and elders today are living longer and healthier life. We want to allow seniors to remain working if they wish to, so that they can help their expertise and gather more saving for retirement.
” This will also help businesses meet workforce needs in a limited workers market,” said Dr Koh.
While Singapore’s labour force participation level for those aged 60 to 69 was 59. 7 per cent last year – placing it among the top five Organisation for Economic Co-operation and Development ( OECD ) countries – many seniors were leaving the workforce before 65, often in their 50s.
The labour force participation level falls from 86 per cent for those aged 50 to 54 to 67. 9 per share for those aged 60 to 64 – a major decrease of about 18 percentage points.
” This is due to various factors,” said Dr Koh. ” Some wish to slow down and concentrate on family or personal commitments. Others have not worked for some time and may need to update their knowledge to return to the workforce. “