Member-only story
Singaporean Matters: Employability of our elderly workers
I had an interesting conversation this evening about supporting our elderly workers in the workforce. While some in the group advocated for interventions by the government such as banning age-related terminations or providing wage subsidies, others suggested the mandating of flexible work programs. As I listened to the conversation, I realized one crucial aspect was missing — the role of elderly workers themselves in staying employed.
I shared my perspective that a company’s decision to retain elderly workers comes down to simple economics. As long as these workers deliver more value than they cost to employ, companies will continue to hire and retain them. It will not make sense to do otherwise. Poorly conceived government intervention would have the unintended consequence of burdening companies with less productive workers. This would in turn lead to reduced competitiveness, lower profitability, and potentially lead to business closures. While well-intentioned, interventions could inadvertently discourage businesses from hiring older workers altogether, exacerbating the very problem they aim to solve.
Hence, in my view, this challenge required a multi-pronged approach that focused on equipping elderly workers with the skills and support…
