“The time to change is now. Minister Tan Chuan-Jin: One of the key issues addressed in the Population White Paper was on the demographic trends we are facing. The baby-boomer generation is reaching the stage where they will begin to retire and exit the workforce, even with some levels of extensions to the working age. At the same time, lower birth rates mean that there will be fewer Singaporeans entering the job market. While labour force participation rates have been getting stronger, that pool itself will begin to shrink in the next few years. By 2020 onwards or thereabouts, growth in local labour force will plateau. We will still have to keep the growth of foreign labour at a manageable rate. Hence, the need to change becomes even more critical. Increased labour force participation has in some ways delayed a more aggressive transformation on the productivity front. But as that local pool shrink, and the labour market remains tight, the change towards leaner and more productive operations will have to take place. Many have begun that productivity journey across various sectors but many more have not. With the slowing down of the local labour force growth, companies have to change if they have not done so. Channelnewsasia Article / MediaCorp Video: channelnewsasia/…/labour-force-…/1528472.html
Posted on: Thu, 18 Dec 2014 17:04:56 +0000
Trending Topics
Recently Viewed Topics
© 2015