SINGAPORE - Incentives to spur firms to re-hire workers beyond the age of 65 will be announced in Budget 2015 and backdated to January 2015, said Senior Minister of State for Health and Manpower Dr Amy Khor on Tuesday.
"We are in discussion with the Government regarding a possible set of incentives, but the assurance is that the incentives will be effective in January 2015," said Dr Khor, who also chairs the Tripartite Committee on Employability of Older Workers (Tricom).
Dr Khor was speaking to reporters after visits to two companies - Giant Hypermart at IMM Mall and Absolute Kinetics Consultancy, a workplace safety training centre - which shared with her their best practices for re-hiring older workers.
Ahead of legislation to raise the re-hirement age from 65 to 67, the Tricom wants to "encourage companies to start planning now, to start putting in place policies and practices and engaging their eligible workers to prepare to re-employ them beyond 65, to 67," said Dr Khor.
Dr Khor also encouraged firms to look to the tripartite advisory in the re-employment of employees from 65 to 67, for guidance.
Said Dr Khor: "If companies effectively and creatively redesign their jobs, put in place age-friendly work practices likes flexi-hours, part-time work and so on, we can actually improve employees' performace as well as productivity."
Founder of Absolute Kinetics Consultancy, Mr Fang Koh Look, said that his firm has benefited from re-hiring older workers since 2008.
"I wouldn't say that it's applicable to all industries, but to me as a service provider, I find that we need to come to face that we are in a labour crunch," said Mr Fang. "Senior people, if you tap on their strength, you save a lot of school fees."
Source: The Straits Times © Singapore Press Holdings Limited. Reproduced with permission.
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