This is true.I know of many talented ex-classmates from secondary school, JC and NUS who were laid off because of downsizing, ageism and cronyism when an incoming CEO "cleaned house" of the existing management team to make way for his former colleagues. It is not a matter of these older PMEs not upgrading or upskilling themselves; they were victims who fell off the cliff in their late 40s or 50s, with no way back to a white collar position.
Also, johntan is dead