Physical Abilities of 55-64 Yr. Old Workers a Concern for Singapore Companies

A 2010 Singapore labor force survey reports that the employment rate for older workers aged 55 to 64 years old has gone up to 59 percent.

According to ChannelNewsAsia.com, this was after the rate held steady at 57.2 percent over the last two years in an economic downturn. (WCxKit)

According to Minister Lim Boon Heng, the results show that employers recognized the contributions of older employees and are hiring and retaining them.

He added that companies which hire these mature and old workers have three top concerns, mostly the rising health and insurance costs, the physical abilities of older workers and the ability of these workers to adapt to change.

"There is a lot of hard work that needs to be done to make it happen and that is why we opted for re-employment legislation than just legislating the retirement age," Lim. Stated.

Ninety-one percent of unionized companies – or approximately 1,047 firms – have committed to re-employment.

Two organizations which have been hiring older workers, The National University Hospital and PUB, received the International Innovative Employer Award this year.

NUH will reportedly be implementing more worker friendly changes in 2011.

At PUB, 40 percent of the staff is mature workers and they receive pre-retirement counseling one year before reaching their retirement age. (WCxKit)

NUH and PUB were named by AARP, a US-based non-profit organization which represents close to 40 million people aged 50 and above, and the Singapore Council for Third Age as being among 15 of the world's best employers in adopting innovative human resource practices to engage older workers.

Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers Compensation costs, including airlines, healthcare, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. Contact: Info@ReduceYourWorkersComp.com or 860-553-6604.

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