Population aging, older workers and productivity issues: the case of Singapore

Abstract

This paper examines the issues and challenges facing the productivity of an aging society in Singapore. While the older workforce is recognized as an increasingly essential labor supply in the era of rapid demographic aging, there are challenges to the employment of older workers, including employers’ negative stereotypes of older workers and concerns with labor productivity, as the current cohort of older workers in Singapore tends to be less educated, and many are employed in low-skilled jobs. The paper follows with a discussion of the measures adopted by the state to encourage, enable and enhance the employment/re-employment and productivity of older workers. Such measures include the enactment of re-employment legislation, training and financial grants for companies to put in place the re-employment policies, skills upgrading and work training programs to enhance employability of older workers and the promotion of age-friendly workplace. However, under the shadow of an inevitable decline in labor force, productivity growth has become more pertinent, thus an emphasis on innovation, the adoption of flexible work systems, an integrated management strategy catering to a multigenerational workforce and a rethink of the notions of retirement and productivity are necessary for a sustainable society and economy.

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