Here are 3 important takeaways from the 43-page report that we should be warned to prepare for.
1. Our resident labour force is ageing
If you are below 43 years, you’re younger than half the resident workforce!
The percentage of mature workers 65 years old and over is also increasing!
Can you imagine doing the same job you’re doing now when you’re 65?
If not, what can you do now to avoid this situation? Is it too mundane, back-breaking, uninspiring or just physically-unsuitable?
What kinds of industries and jobs would want to hire mature workers? How should employers value mature workers over fresh entrants and develop appropriate payscales to appreciate their value?
The most important question of all: are we actively preparing for our next career by learning new skills before we lose our jobs?
2. The majority of the workforce are PMETs (and rising)
With more than 56.1% of the resident workforce being PMETs, who is looking after their interests?
If you were to ask your friends how many of them join their company’s union, would more than half say yes they are union members?
If they aren’t union members and they face issues at work, would they have the courage to speak up singly to negotiate for better employment terms and conditions?
3. Where is the data on independent or freelance workers?
The report does not have enough data on independent or freelance workers, which MOM has separately estimated to be 300,500 or 14% of the workforce, with over 93% of them in the services industry, particularly in the transportation and storage sectors.
Whilst the government has teamed up with the Labour Movement and employer representatives to study freelancer concerns in a tripartite workgroup, there are many issues it already needs to start tackling.
For example, Labour MP Ang Hin Kee has raised issues of late payment, lack of dispute resolution channe, insurance coverage and even retirement adequacy.