Aging Workforce in Singapore - 2339 Words

Overview of Aging Population in Singapore Populations in many developed countries are ageing, and Singapore is no exception. The first batch of post-war baby boomers will reach 65 years of age by 2012. The number of seniors will increase from 8.4% in 2005 to 18.7% in 2030 (refer to Table 1). According to the 2010 Population Report, The proportion of residents (i.e. citizens and PRs) aged 65 and above increased from 7.0% of the resident population in 1999 to 8.8% in 2009. Correspondingly, the number of younger residents aged 15-64 for every resident aged 65 and above (i.e. the old-age support ratio) fell from 10.1 in 1999 to 8.3 in 2009 (refer to Table 2). (Singapore Department of Statistics, 2010, p. 4) Today, one out of every 12†¦show more content†¦Solutions It is time for employers to start responding to the potential consequences of the ageing workforce on their businesses. If not well-prepared, employers may find themselves suddenly faced with labour loss, experience and expertise that will be difficult to offset, given the relatively small pool of new employees. With many companies facing the same problem, competition for new talents is likely to surface. A) Hotels can have interviews to know which areas older employees would prefer to work in and the languages they can speak. With the information gathered, hotels will be able to know their strengths and weaknesses which help to determine where to allocate each individual. With the proper job assignment, hotels will be able to maintain a good image, by reassigning the older employees with language barriers to the backhouse such as room attendant. This allows them to be in their comfort zone and after getting used to their task, the productivity will be maximized in both the frontline and backhouse. B) In order to keep older employees engaged and motivated, it is vital for the HR department to maintain constant communication with the older employees and understand any problems, issues and concerns that they are encountering. By treating their employees like familyShow MoreRelatedAging Workforce in Singapore2328 Words   |  10 PagesOverview of Aging Population in Singapore Populations in many developed countries are ageing, and Singapore is no exception. The first batch of post-war baby boomers will reach 65 years of age by 2012. The number of seniors will increase from 8.4% in 2005 to 18.7% in 2030 (refer to Table 1). According to the 2010 Population Report, The proportion of residents (i.e. citizens and PRs) aged 65 and above increased from 7.0% of the resident population in 1999 to 8.8% in 2009. Correspondingly, theRead MoreSingapores Rapid Economic Development Essay1018 Words   |  5 PagesDEVELOPMENT 4.1 AGING POPULATION Local and foreign labour are deemed essential to Singapore’s workforce in order to sustain competitiveness in economic development. However long standing past policy implication and current policy taken by the Government to spur economic development, could be argued to affect the labour market and SMEs in the long run. The past and current policies that might inflicted negative impact to labour market and SMEs are elaborated as follow: 1) Curbing Singapore growing populationRead MoreThe Population Of Singapore Is A Multicultural Country Essay1164 Words   |  5 Pagespopulation of Singapore has been increasing year over year resulting in 5.54million at the end of June, 2015. Since it is a multicultural country, the population can be distinguished into two major types - residents and non-residents. The resident population was recorded as 3.9 million including 3.38 million of Singapore citizens and 0.53 million of permanent residents. Other than that, 1.63 million of non-residents also play an important of Singapore population. (Department of Statistics Singapore, 2015)Read MoreA Government Can Run Like a Corporation and Fulfill Stakeholder Expectations. Do You Agree? (Use Singapore as an Example.)1483 Words   |  6 Pagesstakeholder expectations. Do you agree? (Use Singapore as an example.) Modern day corporations have not just an obligation to its bottom line but they are accountable towards the stakeholders as well. The accountability is even greater in the context of a country as the purpose of the government is to serve these stakeholders, mainly its citizens who put them there through voting power and the businesses which generate economic wealth for the country. Singapore Incorporated is one of the many names givenRead MoreThe Aging Process Essay791 Words   |  4 Pageswere nothing more than dreams. We succeeded in landing on the moon and communicating over long distance, yet there are still some boundaries we have yet to cross despite our best effort. Aging is an inevitable process of nature. While we cannot stop the ticking clock in our body, we have made it possible for aging to be delayed and relieved to a great extent through advance technology and modern governance. High-tech equipments and medications are available for the treatments of more illnesses asRead MoreSingapore Economy Essay1662 Words   |  7 Pagesï » ¿ECONOMICS ASSIGNMENT Singapore Economy (2004 to 2013) CONTENTS 1. Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.2 2. Production Output Performance Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..4 3. Labour Market Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..8 4. Price Level Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.10 5. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.12 1. Introduction Singapore has a highly developed and free-market economy that thrives on an open and corruption-free environment. It is toutedRead MoreLabor Market in Singapore2318 Words   |  10 PagesIntroduction Since Singapore gained its independence in 1965, its economy had progressed due to globalization, rapid technological advances and the rise of China and India. With these different stages of development, Singapore’s labor market had adapted itself by transforming from a labor abundant and capital limited city into a labor deficient and capital rich country (Chia 2005). Singapore is now a popular export-manufacturing base, regional headquarter for foreign multinational company andRead MoreSingapores Globalized And Diversified Economy1664 Words   |  7 PagesSingapore Known as one of the Four Asian Tigers, Singapore’s globalized and diversified economy is only behind Hong Kong’s. That title has been achieved due to its market economy, â€Å"A highly developed, and one of the freest, most competitive, innovative and business friendly economy based on extended entrepà ´t trade, a profitable trading post that allows importing and exporting free of duties.† (Wikipedia) Worldwide, Singapore is one of the major commercial centers, third highest per capita incomeRead MoreThe Asian Tigers : Singapores Globalized And Diversified Economy1667 Words   |  7 PagesWorldwide, Singapore is one of the major commercial centers, third highest per capita income, fourth biggest in finance, and fifth among the busiest ports; yet, it has one of the highest income inequalities. Singapore’s trading and manufacturing represent 26% of its GDP. The Corruption Perception Index places Singapore along with New Zealand and the Scandinavian countries as one of the world’s least corrupt countries. Also, location, advanced infrastructure, low taxes, and skilled workforce are theRead MoreAsian Tigers Essay1057 Words   |  5 Pagesthe global economy has moved on from the Asian Tigers and the present and future of the global economy does in fact lie elsewhere, in particular India and China.   The Asian Tigers are a group of countries which are the first set of NIC s; Taiwan, Singapore, Hong Kong and South Korea. They underwent rapid development in the 1960 s by encouraging TNC s to invest by opening up manufacturing plants by offering cheap labour and less strict pollution laws. TNC s also had the advantage of low cost and