Greater than 50 corporations voluntarily increase retirement, re-employment ages: Ng Chee Meng – CNA

SINGAPORE: Greater than 50 firms have voluntarily raised the retirement and re-employment ages of their employees past the statutory necessities, mentioned NTUC secretary-general Ng Chee Meng on Thursday (Aug 15).

He has been urging employers right here to take action and this can be a “fairly respectable” response, mentioned the labour chief in an interview with CNA938, including that employees have additionally been “very appreciative of those strikes”.

NTUC mentioned in July about 20 unionised firms had both raised the retirement age or didn’t stipulate a retirement age for its employees. These firms embrace the Gardens by the Bay, Novotel Clarke Quay Singapore and ComfortDelGro Group.

Mr Ng’s name to employers comes as a tripartite workgroup has been learning how far and how briskly the retirement and re-employment ages ought to be raised past 62 and 67 respectively.

Manpower Minister Josephine Teo mentioned in March that representatives from the Authorities, employers and unions had reached a consensus on the necessity to increase the 2 ages. Arrange final Might, the workgroup has been this difficulty and the impression of Central Provident Fund (CPF) contribution charges on retirement adequacy of older employees, amongst different issues.

An replace will probably be introduced by September, Mrs Teo has mentioned.

READ: Tripartite workgroup sees want to boost retirement and re-employment ages

READ: Consensus to boost retirement, re-employment age ‘a major milestone’: Josephine Teo

However, Mr Ng, who can be Minister within the Prime Minister’s Workplace, admitted that there was some resistance from employers, with worries primarily surrounding prices.

Other than wages, these prices can embrace the healthcare wants of older employees, resembling insurance coverage and medical go away.

Given how companies are grappling with uncertainties within the exterior setting, on prime of home price pressures, these are “legitimate concerns”.

“I feel they don’t seem to be unfair in stating these considerations,” he mentioned. 

“We must sit down, put our considerations and challenges on the desk, and actually assume by these points as tripartite companions.”

Ng Chee Meng at CNA938 interview (2)

Labour chief Ng Chee Meng in an interview with CNA938’s Singapore At the moment on Aug 15, 2019. (Picture: Darius Boey)

Productiveness and the relevance of skillsets amongst older employees will probably be key for employers. 

Citing his conversations with some firms, Mr Ng mentioned: “Most of my employers are truthful folks – I pay you X quantity, you ship that X quantity of productiveness and I gained’t have a look at your age.”

To that, he pressured that employees must play their half as effectively. 

“We obtained to remain updated with related abilities (and) with added abilities, hopefully, in order that we may be productive. Age is not going to actually be that a lot of an element in case you are skilful and you retain wholesome.”

READ: NTUC urges employers to boost employees’ retirement age

Requested if the NTUC can be pushing for the restoration of CPF contribution charges for employees above 55 years previous, Mr Ng replied: “We’ve been doing that for fairly some time. We predict this can be a good re-think of our CPF … on tips on how to plan for adequacy of retirement and so forth, I feel it’s a essential factor to do.”

A current report by the Institute of Coverage Research has referred to as for the CPF contribution charges for older employees to be restored to the identical ranges as that of youthful employees. If executed so, it might assist them save between S$31,000 and S$145,000 extra by the point they retire, researchers mentioned.

At present, the general CPF contribution price is 37 per cent for employees as much as 55 years previous.

It drops progressively to 26 per cent for employees aged 55 to 60, 16.5 per cent for these aged 60 to 65, and 12.5 per cent for these above 65. 

When requested if such a rise is feasible or if a center floor could possibly be reached, Mr Ng mentioned that CPF contribution charges are a “sub-topic” for the tripartite work group and a proper report may be anticipated “someday quickly”.

READ: Espresso for 50 cents, firm coaching committees amongst labour motion’s efforts to assist employees

Throughout the interview, Mr Ng was additionally requested about how the labour motion helps firms and employees to deal with technological disruptions.

He mentioned NTUC has been working with firms to arrange coaching committees – a transfer that helps to “institutionalise the coaching elements for the advantage of firms and employees”.

Mr Ng added that there are nonetheless firms that might not know what expertise to deploy for his or her issues, neither do they know the place to get these expertise or tips on how to begin utilizing them. 

Amongst employees, the concern stays that expertise will displace and take away jobs. 

“Shifting their mindset is necessary,” mentioned the labour chief. 

Amongst its aims, the coaching committees will assist firms and employees to begin expertise “as a pal and an enabler”. 

NTUC has beforehand introduced a goal of 1,000 committees to be fashioned throughout all six trade transformation map teams over the subsequent three years. That is set to profit about 330,000 employees.

Watch the total interview: 

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