Source: The Real Singapore
RAVI PHILEMON: PM LEE IS SELECTIVELY PICKING FACTS TO SUPPORT HIS FLAWED POLICIES
Post date: 4 Sep 2014 - 10:44pm
In #AskPMLee the PM pointed to #Australia to say that #Singapore can take a similar approach as that country which recently proposed raising retirement age to 70, and will phase it in by the year 2030.
What PM Lee did not mention is, the retirement age in Australia is set at 65 from the year 1908, and that they will only be raising it by 5 years in a few years. In Singapore the retirement age was set at 60 in the year 1993 (before that people generally retired at age 55). In 1999, this was raised to 62 and is still the retirement age. Employers though, have to offer re-employment till 65. So unlike Australia, which will raise retirement age by 5 years, Singapore plans to raise the retirement age by 15.
The reason retirement age is important in Australia is because they have an old-age pension which kicks-in at the age of retirement. Singapore has no such pension scheme and citizens generally draw from their own savings in CPF for their old-age needs.
In Australian Government's proposal to raise the retirement age is not without opposition. Some experts in Australia have pointed out that poorer people and Aborigines were less likely to survive till 70. Is the story the same for Singapore? Do the more affluent live longer than those that are less well-off? If so, how will raising the retirement age affect this group of people? What is the life expectancy of the different races here? Will it affect some races more than the others?
In Australia they have unemployment benefits, meaning those that are unemployed because of unfair age-discrimination or are in physically demanding jobs and so may not be able to slog it out for a few more years before reaching retirement, can rely on unemployment benefits. Even if they are less than pension, at least it will tide them through. Do workers in Singapore have such unemployment benefits?
In my opinion, raising the retirement age without duly considering many other factors will adversely affect a significant number of Singaporeans. Many other questions also arise. For example, will the CPF draw-down age be raised, where the Minimum Sum will be locked away for a good 15 years (from the 10 now), and Members be allowed to receive payouts only from age 70?
Ravi Philemon
*Article first appeared on https://www.facebook.com/raviphilemon
RAVI PHILEMON: PM LEE IS SELECTIVELY PICKING FACTS TO SUPPORT HIS FLAWED POLICIES
Post date: 4 Sep 2014 - 10:44pm
In #AskPMLee the PM pointed to #Australia to say that #Singapore can take a similar approach as that country which recently proposed raising retirement age to 70, and will phase it in by the year 2030.
What PM Lee did not mention is, the retirement age in Australia is set at 65 from the year 1908, and that they will only be raising it by 5 years in a few years. In Singapore the retirement age was set at 60 in the year 1993 (before that people generally retired at age 55). In 1999, this was raised to 62 and is still the retirement age. Employers though, have to offer re-employment till 65. So unlike Australia, which will raise retirement age by 5 years, Singapore plans to raise the retirement age by 15.
The reason retirement age is important in Australia is because they have an old-age pension which kicks-in at the age of retirement. Singapore has no such pension scheme and citizens generally draw from their own savings in CPF for their old-age needs.
In Australian Government's proposal to raise the retirement age is not without opposition. Some experts in Australia have pointed out that poorer people and Aborigines were less likely to survive till 70. Is the story the same for Singapore? Do the more affluent live longer than those that are less well-off? If so, how will raising the retirement age affect this group of people? What is the life expectancy of the different races here? Will it affect some races more than the others?
In Australia they have unemployment benefits, meaning those that are unemployed because of unfair age-discrimination or are in physically demanding jobs and so may not be able to slog it out for a few more years before reaching retirement, can rely on unemployment benefits. Even if they are less than pension, at least it will tide them through. Do workers in Singapore have such unemployment benefits?
In my opinion, raising the retirement age without duly considering many other factors will adversely affect a significant number of Singaporeans. Many other questions also arise. For example, will the CPF draw-down age be raised, where the Minimum Sum will be locked away for a good 15 years (from the 10 now), and Members be allowed to receive payouts only from age 70?
Ravi Philemon
*Article first appeared on https://www.facebook.com/raviphilemon
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