SgLinks.com

31 Dec '11, 10pm

New retirement-hiring law takes effect

New retirement-hiring law takes effect

SINGAPORE: Companies appear to be ready for Singapore's new Retirement and Re-employment Act, which takes effect on 1 Jan 2012. Employers expect it to be implemented smoothly, after four years of work by the tripartite partners of government, unions and employers to prepare workers and employers. The Act provides opportunities for workers who are willing and are able to continue working beyond retirement. It also gives employers the flexibility to keep older workers. The changes come at a time when Singaporeans are living longer, with average life expectancy higher, at 81 years in 2009. According to the 2011 labour force survey, 61.2 per cent of workers aged 55 to 64 are still working, higher than the 59 per cent in 2010. Another survey by the Ministry of Manpower (MOM) of 3,100 companies showed as at June 2010, about eight in 10 companies had put in place measures to re-e...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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