News Asia26 Oct 2017

Singapore:Sick workers could cause US$2-bln productivity loss

| 26 Oct 2017

The aging workforce and medical cost inflation in Singapore are projected to drive up average medical costs per employee by 108% to S$1,973 (US$1,448) per year in 2030, representing a mounting financial burden for employers. Based on current trends, productivity loss due to sickness absenteeism per employee is projected to increase by 25% based on gross national income (GNI). With an aging workforce, at the national level, this represents a cost of S$3.3 billion (US$2.4 billion) in 2030, a 43% increase from 2016.

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