SINGAPORE: As Singapore’s population ages, the government, unions and employers are joining forces to review and revamp strategies for senior employment.
A new Tripartite Workgroup on Senior Employment will develop policy recommendations to help senior workers remain productive and employable, and promote 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 third year in a row, primarily because seniors are making up a larger proportion of residents. In 2024, the labour force participation rate for residents aged 15 and above stood at 68.2 per cent, down from 68.6 per cent in 2023 and 70 per cent in 2022.
“Our population is ageing, and seniors today are living longer and healthier lives. We want to enable seniors to continue working if they wish to, so that they can contribute their expertise and accumulate more savings for retirement.
“This will also help employers meet manpower needs in a tight labour market,” said Dr Koh.
While Singapore’s labour force participation rate 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 rate falls from 86 per cent for those aged 50 to 54 to 67.9 per cent for those aged 60 to 64 – a significant decrease of about 18 percentage points.
“This is due to various reasons,” said Dr Koh. “Some wish to slow down and focus on family or personal commitments. Others have not worked for some time and may need to refresh their skills to return to the workforce.”
