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Consider raising retirement age to 65
Published
Feb 5, 2018, 5:00 am SGT
I often read of the many initiatives that the Government is taking to tackle the challenges Singapore is facing, such as keeping the country competitive amid a rapidly changing global environment and upgrading the workforce's skills for future opportunities.
While I completely agree that we need infusions of foreign talent and new skills, perhaps the existing practices regarding retirement and re-employment need to be looked into so that companies are not considering only financial gains and letting talent go out the window.
Instead of setting the minimum retirement age at 62 years and leaving re-employment to a company's discretion, it would be wise to set it at 65, as Taiwan is seeking to do, or even beyond.
This should be applicable to all Singaporeans and permanent residents, regardless of what wage bracket they fall into or what type of employment agreements they have (contracts or permanent employment).
I was talking to a few people who are hovering around the age of 61, and almost all of them are expecting to be told to retire, as their companies can hire younger employees at a much lower cost.
But by doing so, the companies lose talent, and the number of perfectly healthy individuals in the country resorting to unproductive chores post-retirement increases.
The option to retire at 62 can still be maintained for workers who wish to do so.
However, leaving this option in an employer's hands will, in most cases, lead to forced retirement.
Srinath Medepalli
http://www.straitstimes.com/forum/letters-in-print/consider-raising-retirement-age-to-65
Published
Feb 5, 2018, 5:00 am SGT
I often read of the many initiatives that the Government is taking to tackle the challenges Singapore is facing, such as keeping the country competitive amid a rapidly changing global environment and upgrading the workforce's skills for future opportunities.
While I completely agree that we need infusions of foreign talent and new skills, perhaps the existing practices regarding retirement and re-employment need to be looked into so that companies are not considering only financial gains and letting talent go out the window.
Instead of setting the minimum retirement age at 62 years and leaving re-employment to a company's discretion, it would be wise to set it at 65, as Taiwan is seeking to do, or even beyond.
This should be applicable to all Singaporeans and permanent residents, regardless of what wage bracket they fall into or what type of employment agreements they have (contracts or permanent employment).
I was talking to a few people who are hovering around the age of 61, and almost all of them are expecting to be told to retire, as their companies can hire younger employees at a much lower cost.
But by doing so, the companies lose talent, and the number of perfectly healthy individuals in the country resorting to unproductive chores post-retirement increases.
The option to retire at 62 can still be maintained for workers who wish to do so.
However, leaving this option in an employer's hands will, in most cases, lead to forced retirement.
Srinath Medepalli
http://www.straitstimes.com/forum/letters-in-print/consider-raising-retirement-age-to-65
