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
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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 family
10 millions of the world population are of age 65 or older while for Singapore is 440,000 of the Singapore population.The Singapore population is aging at an alarming rate.
The recent growth in the number of older adults in the United States is unusual in the history of America. The anticipation of the elderly population (65+) by the year 2050 will be almost 89million people, or greater than the population of the elderly in the year 2010 (CDC 2013).
Back in twentieth century, a tiny fragment of mere 5% population was comprised of people aged 65 and above. A little spike in this segment was observed during the period of 1950s-1960s; however, that spike was not significant and restricted to 8% of entire population (Chart 1.1). Many factors were responsible for the small proportion of senior population, the most prominent one though, low life expectancy, high fertility/birth rates and limitation of health services.
The Department of Labor estimates that by the year 2012, the Labor Force will be over age 55 (Harvey 184). In a time when issues such as Age and Ability are at the far front for a lot of employers, understanding how to deal with an aging workforce is essential. The debate on how to address this issue is only beginning.
Over the last few years there has been a growing concern over ageism in America’s places of business, not only through job advertisement, but also during the hiring process, among current employees, and even issues during the end of a person’s career. While there are many types of discrimination in the workplace, all of which are illegal, ageism is prevalent at every stage of a person’s career and can impact not only the employee or potential employee, but the whole company as wellcompany as a whole. Individuals who are over the age of sixty-five make up a large percent of the workforce, and many are dedicated to their employers, it’s when the employer believes that they can hire someone who is much young to do the work that ageism begins to play a role in their career. It isn’t till they companies see that it may take three younger employees to complete the task that of a senior employee.
It no stretch to see that the majority of workers nowadays are above forty. The population of youth is unable to get the jobs to support themselves and the seniors are given them instead due to more work experience and the fact that the better part
This rapidly aging population indicate that countries will count with less working-age people in their economy. The private sector tends to discriminate people over 50 which limits their participation in the labor force affecting the economy of countries. “Businesses will soon have little choice but to be more attentive to the needs and capacities of older employees; their ability to adapt could become a source of competitive advantage.” (Bloom et al). A huge transition is coming, and we have to be prepared to deal with those
This demographic trend deflects on the stabilization; decline and fall in the United Sates rates in fertility since the generation of the baby boom are given birth. More importantly this demographic trend speculates on the secular increase in the life expectancy and entry of the large baby boom cohort joining in to the normal projected age of retirement that is between 2010 and 2030. The census bureau expects arise of the share population over 65 after the 21st decade short pause (from 13% presently to 20% by 2050 and 23% in 2100).
In 1990, there were 31.2 million people over the age of 65. (U. S. Census Bureau, 2000). There were 35 million people over 65 in the United States in 2000. This represents a 12 percent increase in only 10 years. The population of people over 65 years of age for 2007 reached 38 million people. With the baby boomers now in the category of 65 and over. The “boomer generation” will continue to swell the proportion of Americans over age 65 from now through the year 2050 at which time the older population will then begin to shrink (Longino & Bradley, 2005).
This line chart illustrates the percentage of citizens who are older than 65 years old from 1940 to 2040 in Japan, Sweden and USA re?nospectively. Overall, the trends of the proportion of the elderly in these countries all increase, and the percentages are expected to be appmximately(?) 29% in 2040.
Worldwide demographic change has resulted in an amplified elderly population. The United Nations predict a two fold increase to 22% by 2050 in the proportion of people aged 60 years and over. [1] Similarly it is estimated by 2034 a quarter of the UK population will be 65 years and over. [2] This
Aging! We all do it every day, but have you ever thought how it is going to affect the rest of your life or more importantly your career? Aging isn’t something that we get to choose if we participate in, however working is, and aging may affect that choice. Right now, I want you to think about the age of sixty-five. What words pop into your head when you think of someone sixty-five? I’d imagine some of the words you thought of were retired, old, fragile, slow, as well as many others. Those words right there all help to explain the many concerns that one’s employer may have when hiring someone that is of the older population. When we think of the older population in the work force we don’t necessarily think of positive things, instead we think of things. When we think of this population in the workforce we generally think of lower production rates and higher costs. These can create issues among the older population, as employers must consider all the possibilities when hiring someone. We know that more people in the older population are continuing to try to continue their careers, but why? How hard is it for them to continue? What changes have made it easier? How are the younger and middle aged populations perceiving them in the work place? This are only some of the many question surrounding the increase of aged workers.
Aging population can be used as an advantage to increase economic rates growth by keeping them employed as long as possible (Nankervis et al. 2006, p.55). People who are working in a knowledge fields may increase their performance with age, however for more physical positions there is an opposite possibility of low performance with increasing age (Patrickson & Ranzijn, 2006). Consequently, specific jobs may have lack of professional employees. For example by separating workers and using older workers as experience type that can teach and train young employees, as well as use their knowledge will benefit organization in different departments. Also by using younger workers as routine workers or in more physical positions that are hard to perform for older employees will give them opportunity to earn more experience and will keep older employees working as well (Patrickson & Ranzijn, 2006). It is necessary for human resources to distribute their workforce accordingly and to provide required training for their young and old employees.
2012 is marked as a significant year for Singapore’s workforce demographics. This is the year where the first batch of baby boomers turned 65 years old (National Population and Talent Division, Prime Minister’s Office 2012). Under the Retirement and Re-employment Act (RRA) in effect since 1 January 2012, while the statutory minimum retirement age remains at 62 year old, employers are now required to offer re-employment to eligible employees who turn 62, up to
The number of people aged 65 or above is expected to rise sharply in the