Singapore is sitting on a demographic time bomb. According to UN projections, nearly half (47%) of the country’s population will be 65 years or older by 2050 and the median age is expected to grow from 40 years old in 2015 to 52.8 years old by 2050. Singapore’s aging workforce, coupled with the ultra-low birth rate of 1.2 child per woman, means that an increasing number of employers now need to keep their senior employees around for longer. To combat this “profound” problem, as described by the country’s Prime Minister Lee Hsien Loong, the government enacted the Retirement and Re-employment Act (“RRA”) in 2012 and revised it in 2017 to expand the covered group.
Posts from September 2018.