Article

http://business.asiaone.com/Business/News/SME%2BCentral/Story/A1Story20070625-15330.html

Recently, there have been plans to have a new law by 2012 to help seniors get rehired. However, this does not mean that the retirement age would be raised but it just means that there would be more flexibility. This would allow healthy older workers to continue to work even after the retirement age as this law would require companies to rehire holder workers.

From the old workers point of view, they would be very happy with this new law as it would allow them to work pass the retirement age. This is important to many of them as they are still healthy and many of them do not have enough savings from their golden years to sustain themselves. With this law, older people would no longer be discriminated against and not hired just because of their age as companies would be given more funds to recruit, retain and rehire older workers as many of these older workers might not work as efficiently as the younger ones. Therefore, this law would allow older workers to continue to earn enough money to sustain themselves.

However, from the government’s point of view, their purpose of making this law might be completely different. As Singapore population continues to age, the government needs to find a solution keep older workers working so that Singapore would have enough labour. By 2020, there would be more than 500000 people aged 65 and above in Singapore and this could be a big problem. In order for Singapore’s economic growth to continue, there is a need for more people to work and the aging population in Singapore might become a big obstacle as there is less labour. While there is still time before this law would be confirmed, the government would feel a need for it to be implemented quicker as the companies would be able to accept the law instead of going against it since Singapore economy is good at the moment.

Lastly, from the companies point of view, this law would cause many problems for them as they would be forced to rehire older workers pass the retirement age. This would prove a disadvantage to them as older workers tend to be less efficient than younger workers. The rehiring of older workers might affect the progress of the company as it would slow down the company’s renewal process. Yet, even with the funds provided by the government, many companies would feel that it is not enough as they no longer have the freedom to hire all their workers. This might caused the companies to start retrenching their older workers before they reach the retirement age.

In conclusion, looking at the bigger picture, we can tell them this new law would have many implications, both good and bad. I feel that there is a need for this new law mainly because of Singapore’s aging population. Without enough workers in Singapore, Singapore’s economy might be affected and this can affect the growth and progress of Singapore as a whole. Therefore, I believed that although this law does have negative implications, the positive implications would overshadow it.



Never Give Up!!!

Samson

10:17 PM