Wanted to wake up earlier but couldnt, so here I am waking up at 10 plus thanks to Nick consistent sms.

Just to add on to yesterday post, Ageing is not homogeneous as there are gender, race and status difference as well. For example, women tend to have older husband, cope better in death of spouse, but because they are less likely to remarry, they might have difficulty to finance themselves independently. Men after retire, would feel empty and unable to cope with the lifestyle fast, also when it comes to death of spouse, they would withdraw from social activities, unless they remarry, so are seen as less resilient emotionally. Generally speaking.

Well the next part of Contem is how society view Older Person. There are basically 2 perspective, one of it which view them as hazards and burden, the other view them as consumer and assets.

So when we look at them as Human Capital, we have to look at different groups of people. For example the business owners have to come out with products that appeals to them, that cater to their needs to enhance their Quality of Life instead of ageist product. The employers have to start accommodating elder friendly workplace concept. Workplace will then have to redesign to favour the old such as part time, flexitime and shifts options. They cannot be ageist when hiring employees, practice fair employment practices. The older employees have the experience to compensate their decrease in speed and are usually loyal despite demand for high wages but at least they are satisfied with most jobs.

The Tripartite and the Re-Employment legislation is set up in 2012 where they increase the age to draw the CFP Min Sum Draw-Down Age. Workforce Supplement is also increased for older low wage employees. Retirement age is also raised to 65 and then to 67.


There is also the ADVANTAGE! incentive scheme which helps companies recruit, retain or re-employ mature workers. Companies can also participate in PREPARE - Programme for Re-Employment Practices: A Roadmap for Employers - which provides them with guidance in implementing re-employment as an integral part of their HR system, and Flexi-Works!, which helps them hire new workers on part-time or flexible work arrangements.

At the same time, older workers themselves have to take responsibility to remain employable by staying current and having the right mindset to learn and adapt with the ever changing economic environment. In this regard, they can turn to programmes like Re-employment: Equipping And Developing Yourself (READY), which was developed by Centre For Seniors.

Re-Employment should be based on Performance not Seniority to promote productivity among senior employees.Companies should prepare their employees for re-employment by constantly updating their skill set and offer one off employment assistance payment to retired employees, and have to prepare and notice them in advance.

These are vital, because there are loads of opportunities when looking these Older Persons as consumers. For example, 100mil have been pumped into Health Programmes. 60% of the elder population put leisure as one of their priorities in life, and 74% travel at least once or twice in a year. However this is a Asian geographically concentrated phenomenon, again this explains why ageing is not homogeneous. In finance, Life Insurance sales went up by 17% to $1.125 Bil. Ageing Asia came up with a list of lucrative business for the older population, in Healthcare, Properties, Tourism, Older Women products, Insurance and Tech for the old.

As you can see, not all older persons are frail fragile and sick, but of course we must acknowledge this group of people too, thats why HealthCare spending control is important. There is a lack in limit for this. Moreover, there are inflation, and higher number of chronic & disability. As such, we can see that generally, healthcare expenses increases as people age, so as medical technology and services more expensive as society advances, not forgetting the high admin costs die to decentralized insurance.Thus there are 3 important areas to control this, which are Revenue Collection, Pooling (combine and manage revenues collectively), and Purchasing.