PUBLISHED FEB 10, 2019, 5:00 AM SGT The Straits Times
The gig economy is most often associated with younger
workers and has come in for a degree of criticism as part-time employees often
do not receive the same healthcare benefits and legal protection as full-time
staff. But the gig economy could prove beneficial for senior citizens looking
for flexible employment options after retirement.
Food delivery companies have an estimated 300 delivery
riders aged 60 and above under their employ. While this age group makes up only
1 to 2 per cent of the firms' fleets, it is indicative of a trend that could
reshape post-retirement employment for seniors. By 2030, the percentage of
seniors in the population is expected to rise to 27 per cent while the
percentage of youth will fall to 10.8 per cent. This growing segment of seniors
have different expectations of life after retirement. Those who hit 60 in 2030
are likely to have a more varied education, outlook and be more digitally savvy
than their Pioneer and Merdeka generation predecessors. This is a generation
that benefited from Singapore's transition from Third World to First and would
likelyhave stronger financial bulwarks for retirement. Unlike earlier
generations of seniors with limited resources, this coming silver wave will
also be more aware of the benefits of active ageing and expect to maintain a
certain lifestyle. This is where the gig economy can match-make seniors looking
for gainful part-time employment and supplementary income. Given their
educational background, it will be no surprise if this group demands more
intellectually engaging or spiritually fulfilling jobs.
The gig economy, which can span a multitude of industries,
is uniquely suited to meet these demands. Savvy firms can take advantage of a
well-educated, trained and experienced pool of workers and employers would do
well to recognise that they may have no choice but to tap this resource as the
pool of younger employees shrinks.
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