How older workers can help rejuvenate the Singapore economy

Older workers can contribute to the economy by working longer in the jobs for which they are trained, says the writer.PHOTO: ST FILE

SINGAPORE - Being fired in 2017 devastated my friend, John. After the news, he sent out more than 500 job applications. He got invited to only three interviews - with no job offers. John became increasingly anxious about how to support his homemaker wife and two sons. With one in national service and another studying overseas, monthly costs rapidly gobbled up his sizeable family nest egg, built up after 30 years of him working in global multinational corporations. In his 50s and highly educated with an MBA, John could not find a job nor support his family.

His situation is not unique. According to government reports, professionals, managers, executives and technicians (PMETs) continue to make up the majority of retrenched Singaporeans in the first half of this year. Experts believe that this segment will continue to bear the brunt as the employment outlook worsens.

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