One indicator of how Covid-19 layoffs are affecting older workers can be seen among the urban poor. The most vulnerable groups are those with little savings and without social insurances or coverage by retirement savings insurances such as EPF or pensions. This is based on a retirement age of 55 and an average life expectancy of 75. The Silver Lining report recommends a number of policies to assist older workers, among them enhanced training and lifelong learning, encouraging the adoption of age-management strategies by companies, regulatory frameworks to facilitate part-time and flexible employment for older workers, and targeted wage subsidies to encourage employment of older workers. The report also suggests a long-term plan to increase the minimum retirement age gradually to 65.

Source: The Star February 28, 2021 07:52 UTC