More rehiring older workers

UNIONISED companies here are picking up the pace when it comes to rehiring their older workers.

Some 34.5 per cent more people aged 62 and older find work past their retirement age compared to last year. These companies have hired 9,413 older employees as of July 31. Last year, 6,999 workers were offered re-employment.

These workers come from 957 out of over 1,000 companies under the National Trades Union Congress (NTUC) that have committed themselves to re-hiring older workers who must first meet performance and medical fitness standards.

'People can no longer assume that they can save enough to retire on, because they are living longer and investments can go awry,' said Minister in the Prime Minister's Office Lim Boon Heng, at a National Day Observance Ceremony for Active Agers on Wednesday.

Earlier this week, Mr Lim has called on employers and workers to prepare themselves for the 2012 law which makes it compulsory for companies to re-employ workers who reach the age of 62. But, even the unionised companies have some ways to go in terms of coming up with a structured process for re-hiring these older workers.

An NTUC survey of 100 unionised companies conducted about two months ago found that only half, or 52 per cent, had made it standard operating procedure to hold consultations with their older workers on what the company can offer them when they retire, and what the worker should do if they want to be re-hired.

- The Straits Times