Recent HR News and Updates for June 2022 | QuickHR HRMS
Posted on 30 June 2022 in Business | Anna Beatrice
Let’s take a look at Singapore’s top HR news, updates and insights for June.
Retirement Age in Singapore to Increase to 63 Starting from 1 July 2022
MOM announced the amendments to the Retirement and Re-employment Act, establishing the maximum possible statutory retirement and re-employment ages.
Starting 1 July 2022, the retirement age will be increased from 62 to 63, while the re-employment age will be increased from 67 to 68. Employees hired at age 55 and above will qualify for re-employment if they have worked for the same employer for at least two years.
MOM stated that these measures will enable more senior workers to continue working if they wish to, and provide a larger pool of workers for businesses.
Read OnMOM Hands Down Major Penalties for Workplace Safety Breaches
MOM has begun imposing harsher penalties against workplaces with poor safety and health performance. Since June 14, higher composition fines, hiking to up to $5,000, a significant increase from the previous $1,000 to $2,000 on average, have been imposed for offences that were discovered in workplaces during the government inspections.
MOM said it will also require companies with Stop-Work Orders or with major injuries to engage external auditors for a deeper review of work practices.
Read OnWhy the Four-Day Working Week Is ‘Doomed to Fail’
For the chief culture officer of software giant MasterContro, Alicia Garcia, the four-day work week may be gaining global momentum, but in reality, it's not an ideal strategy for the long term.
Garcia also shared that this preference for flexibility has always been there, however the pandemic turned this ‘nice to have’ into a necessity. To determine if a four-day work week is suitable for your business, it's strongly encouraged to weigh up the pros and cons first before implementing it.
Read OnJob Vacancies at Record High as Labour Market Rebounds
Job vacancies in the first quarter of 2022 hit a record high, while retrenchments are at a low, signs of a tight labour market as Singapore recovers from the pandemic. Resident employment in the first quarter exceeded pre-pandemic levels, but total employment in Singapore remained below pre-COVID levels with foreign labour yet to fully return.
The Ministry shared that with the significant relaxation of border restrictions, they expect the non-resident workforce to continue to recover, catching up with the strong resident employment growth over the past two years. This will provide some relief to the current labour market tightness.
Read OnWhat Is the Real Cost of Hiring a New Employee
Due to the ‘Great Reshuffle’ where more and more employees are leaving their companies in search of new jobs, there's heavy pressure placed on HR to improve recruitment strategy.
As a result of investing in employee retention, the cost of hiring has doubled in the past year per candidate, according to a recent survey by Gartner.
This involves the expense of advertising, interviewing, setting up new IT protocols, training and payroll administration that the employer has to take care of.
Retaining talent is definitely a challenge but with a dedicated program to engage the employees, it can be handled in an efficient and smart manner.
Read OnSingapore Plans More Attractive and Flexible Workspaces
The proposed concepts of Urban Redevelopment Authority (URA) for Singapore’s future development include workspaces that will support innovation and consider the new needs of businesses and workers in the future economy.
Their plans involve more sites for commercial and office uses on shorter leases of 15 to 30 years which will be introduced in some areas in the near term, as the government monitors the impact of flexible work arrangements on office space demand. This idea is being explored in the city centre, as well as in locations closer to employee homes.
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