ASEANEWS EDITORIAL: The Sunday Times says: Seniors can gain from gig economy

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.