Measures were revealed to help employability for individuals halfway through their career planning to make a mid-career switch and the older workers. The government has made efforts to expand the economy as the population ages and helps them feel more secure in spite of technological disruptions and corporate restructuring. This article will lay a core on how people can make efforts to ensure they remain in the workforce, or help them ease into a mid-career switch.
Measures
The measures include expanded capacity for reskilling, credit top-ups as well as wage, Central Provident Fund (CPF), incentives for hiring. This helps to lighten employers’ costs of keeping them from working longer.
Mid-career switch
Due to a rise in trend of a mid-career switch, where through a Workforce Singapore survey done noted that numbers have rose from 1,300 to 4,500 in just a mere 3 years. Deputy prime minister and finance minister mentioned how “(they) will introduce a new SkillsFuture Mid-Career Support Package for locals in their 40s and 50s, to help them stay employable and move to new jobs or new roles”. However, making a mid-career switch will also come at a price- where one is that they may experience huge drops in income.
Therefore, in switching industries, they could still tap on these resources to upskill themselves. Employers will also be given incentives to retain, recruit and re train the mid-career workers through a reskilling programme that provides 20 per cent salary support for six months, capped at $6000.
A mid-career switch may definitely be intimidating, but it’s worth every chance if you can find more meaning in a new job. If you find yourself constantly frustrated or feeling that your job is meaningless, you could consider doing so since there is ample of support.
Remaining in the workforce
Old age should be seen as the time when the accumulation of wisdom paid off. There have been credit top-ups made as well as wage and Central Provident Fund (CPF) offsets made in order to help lighten the employers’ cost of keeping an older worker longer.
An increase in number of researches revealed that there are many factors as to why people remain in the workforce for a long time- ranging from work motivation, health and financial situations. People find fulfilment in their work and enjoy them, due to perhaps job flexibility. In addition, better healthcare systems and prolonged lives also allows a person to remain employed, as they are healthy. Staying in the workforce allows them to remain physically active, maintaining physical as well as mental health.
Changes
There are a myriad of changes that is occurring currently, and that there are many schemes an individual can tap on to ensure that they remain relevant in the industries. If you are thinking of a mid-career switch, or remaining in the workforce in spite of your age- we hope this helps!
