Should there be more regulations for the gig economy?
THE ECONOMY
Pictures of our people were taken by Meenakshi Selvamuthukumar
Head Chair
Chair
Should Singapore further raise the retirement age?
Chair
In recent years, the gig economy has emerged as a vital component in the workforce, not just in Singapore but globally as well. Gig workers are characterized by short-term, flexible work arrangements, typically on digital platforms. With the flexibility and autonomy that accompanies such a nature of work, more young workers are leaning towards gig work. Gig workers already constitute 10 percent of the Singaporean workforce. However, as the number of gig workers increases, questions are being brought up on whether regulations should be put into place to protect these workers. While the workers should be protected, the government also wants to ensure that Singapore remains an attractive location for companies to set up operations and expand.. Companies argue that they should have flexibility in managing gig workers and not be forced to treat them like employees. Should there be more social protection for workers? Should there be more legislation on companies? Representatives will have the opportunity to discuss the implication of regulations being imposed and the different impacts on the stakeholders involved.
Retirement marks the juncture at which employees permanently disengage from the workforce, typically upon attaining a specific age or fulfilling specific criteria as set by the country, while transitioning to a phase where they rely on accumulated savings and pensions for financial support. In Singapore, which is known for its fast-paced economy, the retirement threshold has been set at 63. In alignment with the nation’s commitment to bolster economic growth and enabling a longer working period for the employees, the retirement age has been gradually ascending over the years. To further support this, the retirement age has been poised to increase to 65 by the year 2030, which seeks to extend the professional tenure of Singaporeans and enable sustained economic expansion. However, many feel that Singaporeans should enjoy the fruits of their decades of hard work rather than work for even longer. Furtherefore, this may place a burden on companies who are unable to use older workers productively. Representatives will be actively involved in discussing whether an increase in the retirement age will do more harm than good by negatively impacting the welfare of Singaporeans.
Chair
Chair
