Insurers give suggestions to assist Singapore’s aging workforce

Almost one in five Singaporeans will be 65 and over by 2030, projections show

Insurers give suggestions to assist Singapore’s aging workforce

Insurance News

By Gabriel Olano

As Singapore’s population ages, the General Insurance Association (GIA) has made recommendations to accommodate its elderly workers.

According to macroeconomic projections, 19% of Singapore’s population will be above age 65 by 2030, compared to 12.4% in 2014. This shows how fast the population is aging, and the workforce is bound to see an uptick in numbers of elderly employees.

In July, the Tripartite Oversight Committee (TOC) on Workplace Health announced that it aims to reach 120,000 elderly workers by 2025, by cooperating with employers to deliver targeted programmes that will meet workers' occupational and general health needs, according to a report by The New Paper.

“Evidence in some developed economies shows that when an older worker does get injured, their injuries are often more severe,” said Karl Hamann, convenor of the GIA's work injury compensation committee and the report’s author. “They also may take longer to get better. This slows the potential positive contribution to any economy.”

Prime Minister Lee Hsien Loong recently said that Singapore is aiming to reduce workplace fatalities to less than one death for every 100,000 workers in the next 10 years.

According to the GIA, elderly workers can be given greater flexibility in work schedules, conditions, organisation, location, and tasks. Giving them greater autonomy over their work, such as options for telecommuting, or reduced/flexible work hours will be greatly beneficial, said the report.

Employers are also increasingly adopting ergonomically-friendly work environments, such as slip-proof flooring, adjustable seating and work surfaces, better illumination, and screens with less glare.

“Organisations can and should work to pro-actively identify ways to support ageing workers and develop customised strategies to reduce risks due to ageing and physical demands,” Hamann said.

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