The Silver Industry Standards Committee (SISC) develops and facilitates the implementation of Singapore standards to support the growth of the market for elder consumers and national initiatives in active ageing. SISC’s Chairman, Mr Robert Chew, shares his views on the role of standards in supporting Singapore’s ageing population.
What are the major trends in the silver industry that companies should be aware of?
My chief message to them is: “Capitalise on a growing affluent customer segment.” Demographic drivers such as increasing life expectancy, raised retirement ages and higher inheritance are boosting our ageing population’s income. According to research from Euromonitor, the global spending power of consumers aged 60 and older will hit US$15 trillion by 2020, up from US$8 trillion in 2010.
More educated, tech-savvy and affluent, these retirees are likely to demand a wider range of goods and services targeted to their needs in tandem with their improved standard of living.
In line with the Singapore government’s initiative to build a smart nation, there is also a strong demand for technology that can enhance elderly living, from home-based services to transport, healthcare and community services.
Tell us about some of the new standards that SISC has developed.
Recently, we worked closely with the Health Promotion Board and industry to develop the SS 604: 2014 Guidelines for Nutrition and Food Service for Older Adults. The guidelines provide benchmarks to assess the nutrition of meals served to older persons in intermediate and long-term care facilities, as well as social care facilities.
We’ve also developed a standard covering design guidelines for public signage, aimed at helping seniors commute confidently.
To further enhance the quality of centre-based eldercare services, SISC and SPRING have also supported the Ministry of Health and Agency for Integrated Care’s effort in the development of a centre-based care guideline. They do so by contributing inputs on the development of the framework for the guidelines.
In the pipeline is a standard that covers requirements for a safe, age-friendly built environment to enable seniors to live independently both at home and in the community. We’re also in the midst of drafting another guideline that sets out to define good practices and requirements when designing websites and e-services for seniors. This will be relevant to healthcare service providers, government agencies and hospitals – indeed, to any organisation that serves seniors.
Beyond the standards development, SISC organises outreach activities, industry dialogues and workshops to raise awareness of the SISC’s initiatives and promote the values of standardisation to the silver industry.
How can the industry get involved in the standards development process?
Under SISC’s guidance, representatives from a wide range of silver industry sector interest groups (government agencies, professional bodies, tertiary institutions, trade and manufacturing organisations) are invited to sit on various technical committees and working groups. The aim is to ensure a balanced representation of all relevant viewpoints.
Currently, about 1,300 standards partners are involved in standards development and about 80 are involved specifically in silver industry standards work. Organisations keen to participate are welcome to approach SPRING. We look forward to strong support and participation from the silver industry to build a society that supports successful ageing.
What are the benefits for companies in the silver industry that adopt standards?
Given the silver industry’s huge market potential, there’s a need to boost the availability and accessibility of safe, good quality products and services for the seniors.
Standards encourage compatibility and ensure interoperability leading to industry development and growth. Similarly, in the silver industry sector, standards can be a strategic enabler for businesses to meet specifications leading to increased efficiency, productivity and facilitate market access for overseas markets.
What’s next for SISC in terms of new standards development?
SISC has also initiated dialogues with MOH Holdings on the development of facility guidelines for healthcare infrastructure for acute care hospitals and nursing homes. Both guidelines, under the purview of the Building and Construction Standards Committee, are in the pipeline and once published, they are expected to benefit the elderly and care-givers in Singapore.
As more seniors are working beyond their retirement age, we’re currently exploring standards for age-friendly workplaces. I also firmly believe that technologies will play a key role in supporting the silver industries in the next wave, and standards will help enable the deployment of these new technologies to support active ageing in place.
Source: Spring Singapore
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Adelene: If you are looking for new business to start, why not cater to our senior citizens? I guess this will be a great market to grow.
