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Employment rate of workers aged 55 to 64 reached new high of 59%
Employers should tap on the pool of mature workers to moderate the need for foreign manpower and remain competitive.
According to Mr Gan Kim Yong, Minister for Manpower, businesses are realising that retaining and re-employing their older workers gives them a competitive edge.
More employers are taking re-employment seriously based on MOM's 2010 Survey on Retirement and Re-employment Practices. The propoertion of comapnies that allowed their employees to work past 62 has increased significantly from 64% in 2009 to 77% in 2010.
85% of private sector local employees worked in establishments that offered them opportunities to work past 62, up from 77% in 2009.
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