03/22/2012 | Senior workers in Singapore
Our company – based in Singapore – employs a significant number of senior workers. I know that different countries have different regulations regarding retirement and hiring. Is there anything I should be aware of for my workers?
Many companies in Singapore are facing labor shortages. With 61.2% of workers between the age of 55 and 64 still in the labor market, the Ministry of Manpower passed the Retirement and Reemployment Act in hopes of retaining the productivity afforded by the elderly employees. This retirement hiring law requires companies to allow employees to work past the statutory retirement age of 62, and companies that fail to do so could face monetary fines for age discrimination. However, the decision to remain in the work force is at the discretion of the individual worker. An increasing number of elderly workers are opting to engage in flexible work arrangements, which include part-time and/or home-based work.