New report outlines measures to support older employees
Many Asian markets are reporting an ageing workforce, but very few employers are aware of the proportion of older workers they employ, according to a new report.
A new QBE report revealed that about 20% of people in many Asian markets are aged 65 or older as of 2023, with the proportion expanding to up to 40% by 2050.
In five markets covered by the QBE report, Hong Kong reported the highest proportion of workers aged 65 and above, with 21%.
This is followed by Singapore (19%), Macau (14%), Vietnam (10%), and then Malaysia (7%).
Lack of employer awareness
Despite the growing number of older workers, the report highlighted that there is a widespread lack of awareness among business leaders on how many members of their staff are over the age of 65.
"In our experience, a small proportion of business leaders are able to give a close estimate of these numbers, yet the overwhelming majority have no idea what these are," the report read.
Rachel Pu, Asia Head, Workers' Compensation at QBE, noted that the lack of awareness is "alarming."
"Accordingly, few have workplace policies and practices that cater to the needs of this age group," Pu said in the report.
"Employers are expected by both the authorities and employee families to ensure their workers maintain good health and wellbeing; and in the event that they become injured, businesses do their best to help them return to work as soon as possible, with a focus on alternative, less stressful duties, especially for older workers."
What can employers do?
The report underscored that older workers bring in various benefits to the organisation, and applying a one-size-fits-all approach to wellbeing may not be ideal.
"As the proportion of older workers grows within workforces, employers must therefore consider new measures that cater to this age group," the report read.
"Such policies should not only ensure that older workers are able to perform their roles with minimal risk of injury; they should also make sure they are content within the company."
The report recommended the upskilling of older workers to avoid retrenching them, as well as providing age-friendly practices in the workplace.
"Measures catering to an older workforce may include granting those aged 65 or above additional days of leave; allowing them extra break time; or providing gym membership to help them stay fit, among others," it read.
Offering flexible work arrangements will also be well-received by older workers, and may also attract younger talent, according to the report.
"Policies that look after different age groups tend to be viewed favourably by Millennials and Gen Z especially, and can be used as a selling point to attract top talent from these younger workers," it added.
