"More older workers jobless despite decline in unemployment among Singaporeans - CNA 13 June 2016
SINGAPORE: More older workers were jobless in the first quarter of this year, despite unemployment among Singapore citizens and residents declining, according to figures released by the Ministry of Manpower (MOM) on Monday (Jun 13).
Unemployment among Singapore citizens decreased from 3 per cent in December 2015 to 2.6 per cent in March 2016. Among Singapore residents, unemployment fell from 2.9 per cent to 2.7 per cent.
Overall, the unemployment rate remained unchanged at 1.9 per cent.
However, older workers continued to be hit harder by unemployment, with job losses rising among residents aged 30 and above. In particular, the jobless rate for those above 50 went up for the fourth consecutive quarter, the ministry said.
This increase was offset by the decline in the unemployment rate for younger residents, due to the lower labour force participation rate among youths aged 15 to 24.
“In many countries, older workers aged over 50 tend to be more vulnerable to retrenchment for a variety of reasons, including perceptions by companies that older workers may have outdated technical skills and may be less adaptable to switching to new roles within their company,” Mr Rajiv Biswas, Asia-Pacific chief economist at IHS Global Insight, said.
“Another factor that may affect older workers is that their compensation packages may be higher than for younger workers with less experience, which may play a role when companies are trying to cut costs,” he added.
In particular, older Professionals, Managers, Executives, and Technicians (PMETs) have borne the brunt in terms of job losses and re-entry into employment as businesses restructure amid a slowing economy.
"It is a reflection of the economic structuring," Credit Suisse economist Michael Wan told Channel NewsAsia. "As companies continue to cut headcount amid the economic headwinds, older PMETs continue to be retrenched.""
I am an older worker though I am relative lucky to had a good 1st half of my career with good jobs.
This older workers' woes are well known and well documented with many theories and recommendations on how to help them stay employed gainfully.
Let me reiterate many 'old recorder points' here:
1. mind-set change - older workers need not be paid more. Pay for performance is and should be the way since 20 years ago when Singapore Economy Transformation Council or what-not advocated the 'fixed and variable' pay system then. Alas, today you still get the main stream media and journalists and even government cabinet members taking the pay in total! e.g. the recent SMRT Corp Group CEO's pay was cut by 20% when his fixed pay actually went up by S$40k and his 'cut' is mainly due to he DID NOT EARN the variable performance bonuses!
Honestly, S$40k a year for fixed salary increment!! It is an affront to low-wage workers really!
So, mind-set change for the leaders and 'public media' folks so that they can help change the mind-set of the ordinary people.
2. mind-set change - older workers can be very productive due to their experiences and of course own GOOD application of the same. Steadier, wiser, mature in demanding pay and working conditions, faster! What is there not to like a mature worker?
3. mind-set change - of the older workers on consumption. 'Less consumption is more' at this age. Eat well in quality and not quantity. No need for multi-million dollar houses, expensive clothes, etc. Live within our means and have no mortgages to worry about. Then you are free. Financially free as long as you keep healthy while having an adequate medical insurance cover.
Keep an open mind and be happy.
4. mind-set change - of the towkays, forget about the small time business people who could not even make their ends meet. Forget about those who only think about how to explore others to line their own pockets and consume unnecessarily on things that are mostly hurtful to themselves, long term.
The business people who have a heart, a sense of integrity and equity. Work for them for low fixed pay if we need to. At least we know when the business makes money, there will be some flowing through from the variable components of the total pay and reward system.
This group is the most importance group as without them wanting to create a business, there is no need for workers!
How many do we have that are in this category? Not enough!
SINGAPORE: More older workers were jobless in the first quarter of this year, despite unemployment among Singapore citizens and residents declining, according to figures released by the Ministry of Manpower (MOM) on Monday (Jun 13).
Unemployment among Singapore citizens decreased from 3 per cent in December 2015 to 2.6 per cent in March 2016. Among Singapore residents, unemployment fell from 2.9 per cent to 2.7 per cent.
Overall, the unemployment rate remained unchanged at 1.9 per cent.
However, older workers continued to be hit harder by unemployment, with job losses rising among residents aged 30 and above. In particular, the jobless rate for those above 50 went up for the fourth consecutive quarter, the ministry said.
This increase was offset by the decline in the unemployment rate for younger residents, due to the lower labour force participation rate among youths aged 15 to 24.
“In many countries, older workers aged over 50 tend to be more vulnerable to retrenchment for a variety of reasons, including perceptions by companies that older workers may have outdated technical skills and may be less adaptable to switching to new roles within their company,” Mr Rajiv Biswas, Asia-Pacific chief economist at IHS Global Insight, said.
“Another factor that may affect older workers is that their compensation packages may be higher than for younger workers with less experience, which may play a role when companies are trying to cut costs,” he added.
In particular, older Professionals, Managers, Executives, and Technicians (PMETs) have borne the brunt in terms of job losses and re-entry into employment as businesses restructure amid a slowing economy.
"It is a reflection of the economic structuring," Credit Suisse economist Michael Wan told Channel NewsAsia. "As companies continue to cut headcount amid the economic headwinds, older PMETs continue to be retrenched.""
I am an older worker though I am relative lucky to had a good 1st half of my career with good jobs.
This older workers' woes are well known and well documented with many theories and recommendations on how to help them stay employed gainfully.
Let me reiterate many 'old recorder points' here:
1. mind-set change - older workers need not be paid more. Pay for performance is and should be the way since 20 years ago when Singapore Economy Transformation Council or what-not advocated the 'fixed and variable' pay system then. Alas, today you still get the main stream media and journalists and even government cabinet members taking the pay in total! e.g. the recent SMRT Corp Group CEO's pay was cut by 20% when his fixed pay actually went up by S$40k and his 'cut' is mainly due to he DID NOT EARN the variable performance bonuses!
Honestly, S$40k a year for fixed salary increment!! It is an affront to low-wage workers really!
So, mind-set change for the leaders and 'public media' folks so that they can help change the mind-set of the ordinary people.
2. mind-set change - older workers can be very productive due to their experiences and of course own GOOD application of the same. Steadier, wiser, mature in demanding pay and working conditions, faster! What is there not to like a mature worker?
3. mind-set change - of the older workers on consumption. 'Less consumption is more' at this age. Eat well in quality and not quantity. No need for multi-million dollar houses, expensive clothes, etc. Live within our means and have no mortgages to worry about. Then you are free. Financially free as long as you keep healthy while having an adequate medical insurance cover.
Keep an open mind and be happy.
4. mind-set change - of the towkays, forget about the small time business people who could not even make their ends meet. Forget about those who only think about how to explore others to line their own pockets and consume unnecessarily on things that are mostly hurtful to themselves, long term.
The business people who have a heart, a sense of integrity and equity. Work for them for low fixed pay if we need to. At least we know when the business makes money, there will be some flowing through from the variable components of the total pay and reward system.
This group is the most importance group as without them wanting to create a business, there is no need for workers!
How many do we have that are in this category? Not enough!
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