The share of Singapore residents working past 65 years has crept up to 4.1 per cent, from 1.8 per cent of all workers in 2008.EMPLOYERS here expect staff costs to climb with the higher retirement age, as well as Central Provident Fund contribution changes.
At the same time, the share of Singapore residents working past 65 years crept up to 4.1 per cent, from 1.8 per cent of all workers in 2008. Dellen Soh, chief executive of F&B operator Minor Food Group Singapore, told BT that re-hired workers past 62 are already one-tenth of the 700 employees in the group's portfolio, which includes Thai Express, Xin Wang Hong Kong Cafe and Poulét.
"In particular, such concerns may potentially be more relevant for the white-collar segment and service industries, given the higher probability of employees extending the retirement age or being re-employed." Manpower costs affect the bottom line"particularly... in the cleaning and security industries", noted Mr Ong.
Source: News Formal (newsformal.com)
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