Singapore GDP's in the 3rd quarter of 2009 showed a strong rebound at a seasonally adjusted 14.9% quarter-on-quarter. The number of retrenchments slowed down significantly amid positive employment growth and improving hiring sentiments.

The Tripartite partners issued the Tripartite advisory on Managing Manpower Challenges for Enhanced Competitiveness and sustainability on 5 Nov 09 to help employers ride on the opportunities as Singapore’s economy recovers. These long term strategies in the advisory will provide assistance to employers in developing a more productive and inclusive workforce, thereby enhancing business competiveness and sustainability.

As part of its efforts to help older employees remain economically productive, the Government will enact re-employment legislation by 2012 to enable more people to continue working beyond the current statutory retirement age of 62, up to 65 in the first instance and, later up to 67. The Tripartite Implementation Workgroup (TIWG) has taken into account the feedback obtained from the earlier advisory released on 23 Apr 08 and expanded into the Draft Tripartite Guidelines on the Re-employment of Older Workers. Currently, the TIWG is seeking public consultation on the draft guidelines and it will be finalized for implementation by 1st quarter 2010.