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Melvin Yong on Retirement and Re-employment (Amendment) Bill and Central Provident Fund (Amendment) Bill

Current senior employment incentive schemes reflect a societal stereotype - that employers must be subsidised to employ mature workers. This is unsustainable given the raising of the retirement and re-employment ages, and an ageing workforce, said MP Melvin Yong. Instead, he suggested providing corporate tax incentives or co-funding to companies that invest in older workers. This would encourage businesses to view senior workers as assets, not liabilities. In Parliament on Monday (Nov 1), Mr Yong also suggested that public education campaigns about retirement adequacy could go beyond financial terms and cover how to secure meaningful work in the silver years.

Melvin Yong on Retirement and Re-employment (Amendment) Bill and Central Provident Fund (Amendment) Bill

01 Nov 2021 04:41pm

Current senior employment incentive schemes reflect a societal stereotype - that employers must be subsidised to employ mature workers. This is unsustainable given the raising of the retirement and re-employment ages, and an ageing workforce, said MP Melvin Yong. Instead, he suggested providing corporate tax incentives or co-funding to companies that invest in older workers. This would encourage businesses to view senior workers as assets, not liabilities. In Parliament on Monday (Nov 1), Mr Yong also suggested that public education campaigns about retirement adequacy could go beyond financial terms and cover how to secure meaningful work in the silver years.

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