New law by 2012 to help seniors get rehired
As we faced a problem of a shortage of manpower due to issue of an aging population, we do have to implement several measures to remain sustainable in this changing economy. It is essential to tap on the aging population since the number is increasing at an alarming rate. By 2020, there will be 500,000 people aged 65 and above.Under the new law, healthy senior citizens will be automatically rehired on reaching the retirement age of 62. Companies do not have to fret over the issue of hiring senior workers, worrying about their abilities to cope. This law will enable the companies to make a clear decision. This will also enable the senior citizens to be financially-able, earning a sum of money for their old age and for their family.
The number of taxpaying workers is shrinking while the number of older workers is increasing. Soon, the working population will have to pay more taxes to support the non-working population. Thus, another benefit of this law will help to alleviate the heavy burden on taxpaying workers to support the retired workers.
Another proposal is to help older women to rejoin or stay in the workforce. Facing the problem of old age, they may need to leave the workforce because they may be lacking the ability or being replaced by the younger generation. Some women may need their wage to support themselves because of unstable financial status. However, the proposal should not make it compulsory for older women to stay in the workforce. This is due to the fact that some may want to spend more time with their family in the old age and do not want to continue working.
With the persistence of the issue of aging population, Singapore needs to come up with more measures to counter this problem. Learning from the Japanese model in tackling the aging problem, Singapore may be able to generate more solutions and measures to minimise the effect of the aging problem.
posted by Si Hui @ 5:50 PM
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