Using data driven insight to make sense of the ageing workforce and retirement in Singapore
- Derrick Yuen, MBA
- Sep 23, 2014
- 1 min read
FYT was featured on Singapore national current affairs program - Talking Point on 17 Sep 2014; to help provide an objective and data driven perspective to the sensitive topic of retirement as well as adjusting to an ageing workforce in Singapore. Key highlights:
Singapore's workforce over age 60 stands at 11% (2013 MOM data)
While this appears quite high, it is not unique to Singapore. Workforces aged over 60 in Japan is 18% and 15% in S Korea
There is a growing market for mature workers
While the population aged over 60 grew at 6% CAGR in the past decade, the workforce aged over 60 grew at 12% CAGR over the same period
While the data is not able to determine the quality and pay of jobs in this segment; it does indicate that there is a market of willing employees and employers.
Retirement is going to be constantly redefined in Singapore
For more details, look out for the youtube link that will be posted soon.
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