Latest news with #SNEF
The Star
01-05-2025
- Business
- The Star
S'pore taps seniors to support ageing workforce
Singapore has been working on ways to formulate policies that expand job opportunities for senior workers while enhancing workforce flexibility and productivity. — The Straits Times SINGAPORE: An ageing workforce will be a key challenge over the next decade, but 'Singapore can prove to be the exception', says Singapore National Employers Federation (SNEF) president Tan Hee Teck. In other economies, he noted that ageing populations are often a drag on economic growth. Singapore has been working on ways to formulate policies that expand job opportunities for senior workers while enhancing workforce flexibility and productivity. The upcoming Tripartite Workgroup on Senior Employment, for instance, is a timely initiative that will bring the unions, employers and government together to work on solutions that tap the potential and wisdom of senior workers, he said in his May Day message on April 29. The work group, which will be set up later in 2025, aims to improve the employability of seniors and increase the availability of jobs that better suit their needs. The work group will start by setting up the Alliance for Action on Empowering Multi-Stage Careers for Mature Workers, which involves engaging employers for ideas and solutions to enhance senior employment. On the economy, Tan noted that Singapore achieved robust economic growth of 4.4% in 2024, an uptick from the 1.8% expansion in 2023. 'This growth is particularly impressive amidst global economic uncertainties,' he said. He reiterated SNEF's commitment in being the voice for employers, supporting them in building more progressive workplaces and ensuring workplace fairness in Singapore. He added that employers who embrace diversity and inclusion benefit from stronger talent attraction and retention. — The Straits Times/ANN
Business Times
29-04-2025
- Business
- Business Times
Singapore's tripartite partners must make ‘short-term trade-offs and long-term investments' in transformation: SNEF
[SINGAPORE] In these uncertain times, the government, employers and unions must 'come together to make necessary short-term trade-offs and long-term investments', said Singapore National Employers Federation (SNEF) president Tan Hee Teck in his May Day message on Tuesday (Apr 29). Tan noted that Singapore saw strong growth of 4.4 per cent last year – 'particularly impressive amid global economic uncertainties' – and that the labour market remains resilient. But he warned: 'Nevertheless, the road ahead is neither certain nor clear.' Geopolitical tensions and trade restrictions are pushing employers to rethink their growth strategies and how to make workers more productive, he said. More workers are also opting for gig or freelance work – meaning less skilled labour for businesses. 'It is therefore imperative that Singapore remains open and welcoming to global talent who can help drive innovation and catalyse business growth,' he said. 'A complementary local and foreign workforce will help us better navigate the fast-changing and complex operating environment.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Amid this uncertainty, the tripartite partners must make short-term trade-offs as well as long-term investments in business and workforce transformation, he said. Transforming the workforce On transforming the workforce, Tan noted that although some workers worry about being replaced by artificial intelligence (AI), 'the reality can be much more optimistic'. Automation and generative AI can enhance productivity and innovation, freeing up workers to focus on higher value-added activities, he said, calling on both employers and workers to embrace such technology. SNEF will work with the Manpower Ministry and labour movement to support employers and workers in continuous upskilling, he said. And while Singapore's workforce is ageing, the tripartite partners are working to 'design solutions that will better tap into the potential and wisdom of our senior workers', with the upcoming Tripartite Workgroup initiative on Senior Employment and Alliance for Action on Empowering Multi-Stage Careers for Mature Workers. Transforming the workplace Tan also laid out how employers must respond to the changing profile and aspirations of workers, noting that today's workforce is better educated and values a balance between personal commitments and career aspirations. He highlighted SNEF's role as a contributing party to the Tripartite Guidelines on Flexible Work Arrangements. 'Although the business community initially expressed reservations over the guidelines, we have shown that it is possible to find a balanced and practical implementation path through our collective efforts,' he said. As for building fair and inclusive workplaces, SNEF will also continue engaging employers on the Workforce Fairness Legislation. Concluded Tan: 'Over the years, our partnership with the labour movement enabled us to weather economic storms and emerge stronger from past crises. While economic uncertainties loom on the horizon, new opportunities are also emerging.'
Business Times
29-04-2025
- Business
- Business Times
Singapore's tripartite partners must make ‘short-term tradeoffs and long-term investments' in transformation: SNEF
[SINGAPORE] In these uncertain times, the government, employers and unions must 'come together to make necessary short-term tradeoffs and long-term investments', said Singapore National Employers Federation (SNEF) president Tan Hee Teck in his May Day message on Tuesday (Apr 29). Tan noted that Singapore saw strong growth of 4.4 per cent last year – 'particularly impressive amidst global economic uncertainties' – and that the labour market remains resilient. But he warned: 'Nevertheless, the road ahead is neither certain nor clear.' Geopolitical tensions and trade restrictions are pushing employers to rethink their growth strategies and how to make workers more productive, he said. More workers are also opting for gig or freelance work – meaning less skilled labour for businesses. 'It is therefore imperative that Singapore remains open and welcoming to global talent who can help drive innovation and catalyse business growth,' he said. 'A complementary local and foreign workforce will help us better navigate the fast-changing and complex operating environment.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Amid this uncertainty, the tripartite partners must make short-term tradeoffs as well as long-term investments in business and workforce transformation, he said. Transforming the workforce On transforming the workforce, Tan noted that although some workers worry about being replaced by artificial intelligence (AI), 'the reality can be much more optimistic'. Automation and generative AI can enhance productivity and innovation, freeing up workers to focus on higher value-added activities, he said, calling on both employers and workers to embrace such technology. SNEF will work with the Manpower Ministry and labour movement to support employers and workers in continuous upskilling, he said. And while Singapore's workforce is ageing, the tripartite partners are working to 'design solutions that will better tap into the potential and wisdom of our senior workers', with the upcoming Tripartite Workgroup initiative on Senior Employment and Alliance for Action on Empowering Multi-Stage Careers for Mature Workers. Transforming the workplace Tan also laid out how employers must respond to the changing profile and aspirations of workers, noting that today's workforce is better educated and values a balance between personal commitments and career aspirations. He highlighted SNEF's role as a contributing party to the Tripartite Guidelines on Flexible Work Arrangements. 'Although the business community initially expressed reservations over the guidelines, we have shown that it is possible to find a balanced and practical implementation path through our collective efforts,' he said. As for building fair and inclusive workplaces, SNEF will also continue engaging employers on the Workforce Fairness Legislation. Concluded Tan: 'Over the years, our partnership with the labour movement enabled us to weather economic storms and emerge stronger from past crises. While economic uncertainties loom on the horizon, new opportunities are also emerging.'
Independent Singapore
22-04-2025
- Business
- Independent Singapore
Gov't scrambles to shield businesses as US tariff shockwaves hit—new taskforce deployed in 3-front strategy
SINGAPORE: The Singapore Economic Resilience Taskforce (SERT) was launched by the government to support businesses and aid workers in the face of rising costs triggered by US tariffs and the drastic changes within the global market. According to the latest Singapore Business Review report, the first meeting took place on April 16 and was chaired by Deputy Prime Minister (DPM) Gan Kim Yong. The task force includes representatives of different business sectors and labour unions. The task force also has Ministers Desmond Lee (National Development and Social Services Integration), Josephine Teo (Digital Development and Information, Home Affairs), Tan See Leng (Manpower, Trade and Industry), and Chee Hong Tat (Transport, Finance), Singapore Business Federation chairman Lim Ming Yan, National Trades Union Congress (NTUC) secretary-general Ng Chee Meng, and Singapore National Employers Federation (SNEF) president Tan Hee Teck. The initiative resulted when the Ministry of Trade and Industry reduced Singapore's 2025 gross domestic product (GDP) estimate to between zero and 2%, echoing fears over outside trade risks and latent disturbances in important sectors. What is the task force for? According to a recent Asian Briefing story, SERT has three core focus areas. The first, directed by Minister Josephine Teo and Mark Lee, concentrates on instantaneous data collection/assembly and business engagement. This guarantees that the government remains receptive to advances and changes and is aligned with industry requirements. The second workstream, supervised by Minister Tan See Leng and leaders from NTUC and SNEF, is targeted at aiding businesses and workers to adjust to abrupt challenges. The third stream, run by Ministers Desmond Lee and Chee Hong Tat, has a longer-term outlook. It aims to reinforce Singapore's position as an international hub by exploring new growth markets, enhancing affordability and attractiveness, and supporting changes in major industries. These workstreams aim to promote better communication on support structures and strategies, address business challenges, respond to workforce issues, and develop approaches that could seize fresh opportunities for industries in today's economic landscape. DPM Gan said that as the government prepares and equips itself to face more unsettled times ahead, it needs to work together and stay cohesive so that Singapore can face the challenges ahead and find new opportunities to flourish.
