Nearly all local employees retiring in 2011 offered jobs beyond 62: MOM survey
Nearly all the local employees in private establishments retiring in 2011 were offered employment beyond 62.
Nearly 8 in 10 private establishments had put in place measures to allow their local employees to work beyond 62 in 2011, ahead of the implementation of the re-employment legislation in January 2012.
These are the key findings of a survey conducted by the the Ministry of Manpower (MOM) in the last quarter of 2011.
Its Research and Statistics Department covered 3,200 private establishments each with at least 25 employees.
Ninety per cent of the establishment responded.
MOM said on Friday that amid the tight labour market and tripartite efforts at promoting re-employment, 11,100 or 97 per cent of the 11,500 local workers retiring in 2011 were offered employment beyond 62.
Of the retiring cohort, 92 per cent, or 10,600 workers, accepted the offer.
Nearly two-thirds or 64 per cent of the retiring cohort continued working on their existing contracts, while 28 per cent were re-hired under a new contract, mostly with no change in their job scope.
On the company end, nearly 8 in 10 - or 79 per cent - said they had implemented measures for their local employees to work beyond 62 in 2011, compared with 77 per cent in 2010.
They employed a large majority or 88 per cent of the local employees in the private sector, higher than the 85 per cent in 2010.
57 per cent of all private establishments allowed their employees to continue working on existing contracts, while 22 per cent offered re-employment.
MOM said larger establishments were more likely to offer re-employment than smaller establishments.
More locals were hired in establishments offering re-employment - at 50 per cent - than in establishments allowing continuation on existing contracts.
Nearly 9 in 10, or 89 per cent, of private establishments offering re-employment indicated 12 months as the minimum duration of the re-employment contracts.
MOM said in line with tripartite guidelines, almost all, or 95 per cent, reported that the re-employment contracts were renewable up till the age of 65, as long as the employees continue to medical and work performance requirements.
More private establishments offering re-employment engage their retiring employees in re-employment consultation in 2011.
75 per cent had such a policy, compared with 61 per cent the year before.
Nearly 3 in 8 or 36 per cent of private establishments had local employees who turned 62 in the year ending June 2011, involving some 11,500 local employees.
This was an increase from 32 per cent and 9,900 local employees in 2010.
Minister of State for Manpower and National Development, Mr Tan Chuan-Jin, said he's glad to see private establishments embracing the Silver Workforce, even before the Retirement and Re-employment Act (RRA) came into force.
He said in his blog that he believes that this is due to the tight labour market, as well as tripartite efforts to promote re-employment.
He said the tripartite partners will press on with efforts to ensure that older workers are among those Singaporeans with good jobs at the core of the workforce.
Mr Tan said Singapore's Silver Workforce will increasingly become a valuable asset that companies should look at preserving, as the country eases its reliance on foreign manpower and moves towards a more-productivity-driven economy.
"Beyond the economic nuts and bolts, it's also about doing right by our older Singaporeans," said Mr Tan.
From this year, the baby boomers - those born between 1947 and 1965 - will start to turn 65.
By 2030, there will be fewer working-age citizens to support a growing elderly population.
Mr Tan said re-employment helps ensure that healthy older workers who can and want to continue contributing to their organisations are offered the opportunities to do so.
It helps them sustain a regular income and build up their retirement adequacy, hence maintaining their dignity as active and contributing members of society.
"Each of us can play our part - be it as employer, employee or even a colleague. Make every effort to stamp out ageist mindsets and treasure the cumulative knowledge and experience of our Silver Workforce. Value and recognise their contributions, and accord the respect they have both earned and deserved in bringing us where we are today. Our attitudes towards our elders and how we treat them reflect not just the values of the society we live and work in now, but also represent the legacy we pass on to our children," said Mr Tan.
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