RE-EMPLOYMENT OF OLDER EMPLOYEES PORTAL

The Tripartite Taskforce on Wage Restructuring was formed in July 2003 to drive the implementation of wage restructuring. The two key objectives the Taskforce wanted to achieve were

to increase wage flexibility and
to enhance wage competitiveness in Singapore.

The Tripartite Committee on the Employability of Older Employees pointed out in its final report that while we need to expand employment opportunities for older employees, we also need to ensure that the cost of employing and retaining older employees does not affect the business competitiveness of employers, which would ultimately undermine the employability and job security of the older employees.

Since 1998, much effort has been undertaken to increase the cost competitiveness of older employees. This has been done through efforts to drive wage restructuring at the company level towards a flexible and performance-based wage system, introduction of CPF cuts and wage reductions of up to 10% after the age of 60 years, as well as implementation of the Portable Medical Benefits Scheme and the Transferable Medical Insurance Scheme.

For guides to implementing flexible wages, please click on the links below.