International Business & Economy By 2030 there may not be enough young people to replace older...

By 2030 there may not be enough young people to replace older workers leaving workforce

Author

Date

Category

- Advertisement -

Singapore will soon catch up with the poster child of Asia’s rapidly aging population, Japan, said a report by UOB.
The report further said that by 2030 Singapore’s older group of residents could reach 29% of total residents in 2030, while the younger group of residents will drop to 10.3% of total residents.
This scenario will be worse than the current situation experienced in Japan in 2015, where 25.8% of total Japanese residents were above 65 years old, while 13.2% were below 15 years old.
“Once Singapore reaches that stage, there will simply not be enough younger residents to replace those who have retired from the workforce,” UOB said.
“Singapore does not have much time left for the business sector to restructure. We have to do it before the labour market starts contracting due the lower labour force participation rate as there may not be enough young people to replace older workers who leave the workforce,” UOB warned.

- Advertisement -

99% of SG companies hire fairly, says Singapore International Chamber of Commerce chair

Singapore—Many people have been concerned over fair hiring practices lately, especially in the light of job security during the pandemic. And while Singapore’s business leaders said in a statement on Tuesday (Jan 19) that welcoming global talent is vital for maintaining Singapore’s...

Police arrest man who broke into neighbour’s flat and kissed her while she was sleeping

Singapore—The police arrested a man who let himself into his neighbor’s unit and kissed her while she was sleeping. The incident occurred on Monday morning (Jan 18) at a building along Tampines Street 83. Ironically, the man called the police himself around noon...

Design submitted by Temasek Polytechnic students selected as logo for Budget 2021

Deputy Prime Minister and Minister for Finance Heng Swee Keat revealed that a design submitted by a group of Temasek Polytechnic students has been selected as the logo of Budget 2021, which will be delivered in Parliament right after the Chinese...