Nine out of 10 Singaporeans over the age of 62 remain employed, and earn the same wages.
This is what Minister for Manpower Mr Tharman Shanmugaratnam reported during Parliament on Monday.
In a survey of 11,500 local employees, nearly two-thirds of them had carried on working on their existing employment terms (also known as 'sail-through cases'), while about 30 per cent were re-employed under a new contract.
Of this latter group, 96 per cent or almost all had no change in their job scope.
For all employees who continued working in the same job beyond 62, including both sail-through cases or those re-employed on a term contract, 95 per cent or almost all were paid at least the same wages.
Mr Shanmugaratnam said: "The high proportion of workers who continued to be employed beyond the age of 62 last year in the same job, and paid at least the same wages, is likely to be the result of the tight labour market conditions and the success of tripartite efforts to promote re-employment."
He added that with the Retirement and Re-employment Act coming into effect in January this year, employers are now legally obliged to offer re-employment to all local employees who have satisfactory performance and are medically fit.
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