Perspectives

Aging Workforce

Cost and Productivity Challenges in Singapore

Singapore's aging workforce is projected to significantly increase costs and productivity loss due to ill health.

This is one of the key finding of this report, a collaboration between Marsh & McLennan Insights and Mercer. Analyses of Mercer’s medical claims data from Singapore reveal that medical costs could reach up to S$1,973/employee by 2030, with productivity loss due to sickness absenteeism, amounting to S$3.3 billion (~1% of GDP).

The report also shows that 60% of medical claim costs arise from 10% of claimants, highlighting the potential value of interventions especially among high-risk groups, such as health and wellness programs to reduce the incidence of disease, and screening for earlier detection of disease. These are parts of a larger suite of solutions to mitigate the higher costs of ill health and capitalize on the productivity of an older and potentially shrinking workforce.

AGING WORKFORCE: COST AND PRODUCTIVITY CHALLENGES OF ILL HEALTH


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