Tutorial 8 Sharing (Question 3)

Explain how changing demographics of the workforce in Singapore are changing. How does the change affect staff and recruiting efforts for retail sales and management positions for retailing organisation in Singapore?

In Singapore, we are experiencing an aging population as seen from the graph extracted from SingStat:
Sources: Statistic Singapore- Key Annual Indicator

This means that we are having more mature workers in the working industry. Building on this trend, the government is planning to raise retirement age from 62 to 67. The union is also helping mature workers to remain competitive by providing them subsidised training and upgrading courses.

Having said all these, the change in the demographic will therefore result in more companies to offer re–employment opportunities to those who are nearing the retirement age.

In this case, they save not only on the re-training cost but also tap on the experience of its experienced workers to guide the new entrants. An example is SBS Transit as follows:click here