UOB launches gig employment model for retirees

The bank made the move to strengthen its multi-generation workforce strategy.

UOB announced the launch of a gig employment model for retired employees. The programme, a first for Singaporean banks, is part of UOB's commitment to building an inclusive and diverse workforce.

According to CEO Wee Ee Cheong, a gig employment model is an innovative approach to creating a flexible workforce that taps on current demographic and social trends. "Besides creating flexible opportunities for our retirees to stay active and for the bank to tap on valuable skills and experience, it is also helping to create a vibrant society in Singapore where contribution and connection are not limited by age."

According to the annual Labour Force Survey by the Ministry of Manpower, the employment rate of residents aged 65 and above increased from 27.6% in 2019 to 28.5% in 2020. In a recent UOB staff survey, eight in 10 employees said they would consider some form of work after retirement.

"After I retired, I felt like there was more I could do with my time. Hence, it was great to have this opportunity to come back to work on a flexible basis and at the same time contribute in a meaningful way. Not only does it help me to stay active, but it also allows me to connect with the younger generation and to stay up to date on the latest trends," noted UOB retiree Raymond Teo Choon Chuan.

The bank's gig employment model strengthens its strategy of building and developing a multi-generation workforce for the future.