Singapore faces a looming labor crunch due to its rapidly aging population and declining fertility rate. Experts suggest harnessing the untapped potential of seniors willing to work, redesigning jobs for flexibility, and developing products and services for the growing silver economy, which could be worth over US$122 billion by 2030. A new institute is being established to bridge research and implementation of policies supporting longevity.
Singapore is confronting a significant demographic challenge as its total fertility rate plummets to an all-time low of 0.87. Projections indicate that by 2030, one in four citizens will be aged 65 or older, leading to a looming labor shortage. Experts believe there is considerable untapped potential within the senior population, many of whom are willing and able to continue contributing to the workforce.
A smaller working-age demographic will be tasked with supporting an increasing number of seniors, raising concerns about manpower availability and the nation's economic resilience. Janice Chia, founder and managing director of the social enterprise Ageing Asia, highlights that a common sentiment among seniors seeking employment is a feeling of not being valued or finding roles that align with their capabilities. She notes that many seniors face a higher rejection rate in job applications, often due to ageism rather than a lack of skills. To successfully integrate older adults into the labor force, specialists emphasize the necessity of redesigning jobs and workplaces. Sociologist Paulin Straughan from Singapore Management University (SMU) stresses the need for proactive strategies to attract and retain older workers, acknowledging their vital role in the economy. This includes offering flexible work arrangements and re-evaluating traditional assumptions about how everyone in the workforce should operate. Professor Straughan points out that an individual's age or reduced physical flexibility does not diminish their capacity to contribute in other meaningful ways. Beyond addressing labor gaps, older adults represent a substantial and expanding consumer group poised to influence the economy. This demographic shift is expected to drive demand across various sectors, including retail, services, and lifestyle products, extending beyond healthcare. An Asia-Pacific Silver Economy report estimates that this market could generate over US$122 billion for Singapore by 2030. However, Chia observes that many businesses are unprepared to capitalize on this opportunity, lacking tailored products and services for older consumers. Understanding the genuine needs and desires of this demographic requires dedicated market research. Companies are encouraged to broaden their perspective on the silver economy, moving beyond a singular focus on care services to develop offerings that promote fulfilling aging experiences. In response to these evolving societal needs, Singapore is actively translating research into practical solutions. SMU has launched a new institute dedicated to reshaping employment, retirement, and support systems to accommodate longer lifespans. Supported by a S$10 million fund, the Longevity Societies and Economies Institute will collaborate with government bodies, businesses, and community organizations to formulate policies and solutions, such as flexible work models and innovative financing strategies. Dr. Cheong Wei Yang, interim co-director of the institute, aims to bridge the gap between academic research and real-world implementation. He explains that their work involves analyzing data from ongoing initiatives to inform and refine implementation strategies and policy development. Minister in the Prime Minister's Office, Indranee Rajah, stated at the institute's launch that the conventional model of education, work, and retirement may no longer be suitable, as individuals now navigate multiple phases of learning, caregiving, and employment. She provided examples of individuals taking career breaks for childcare or eldercare, and later re-entering the workforce. Minister Rajah advocates for preparing for a longevity society, rather than merely an aging population. She also noted that the institute's growth will provide opportunities to explore new business and financing models, strengthen regulatory frameworks, and address governance concerns like privacy, cybersecurity, and societal acceptance. To initiate its work, the institute has formed partnerships with five key entities from the government, community, and private sectors: Workforce Singapore, the Agency for Integrated Care, Singlife, Lions Befrienders, and St Luke’s ElderCare. A primary objective is to re-evaluate how individuals work as they live longer, focusing on creating more adaptable and purposeful roles beyond traditional full-time employment. Professor Straughan, also an interim co-director, emphasizes the need for a more creative approach to human resource utilization. The text also includes a note about optimizing the user experience with CNA
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