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<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>http://singaporeanskeptic.blogspot.com/2009/11/singaporeans-in-their-40s.html
I recently went back to visit my parents and catch up with friends. Although it was a short trip, I left Singapore with a rather heavy heart. Maybe it is just me, as I have been away for a while. The conversations I had with friends, strangers and various contacts do suggest that life is tough for Singaporeans in the early 40s. However, the people I spoke to may not be representative of the population. Maybe you have a different view on this matter and I like to hear a different perspective.
1) I was speaking to a nice taxi driver on my way from the airport to my parents' place. The taxi driver uncle was very polite and speaks very well. I found out that he used to be an Assistant GM for a manufacturing plant (electronics) in Singapore which had to be shut down and relocated to China. He is 45 and has two kids still in school. His job search took more than 2 years and he decided to drive taxi as an interim measure to keep the income coming while he continue his job search. His comments: " when you are in your 40s, you better make sure you either at the top of your profession, CEO, or running your business. If you are in the middle management level, most headhunters will not be interested in you unless you have very specialized domain knowledge or expertise. "
2) I spoke to a friends of mine in a dinner setting. (age group 38-41) Most of them are senior executives (VP level) at various industries. I asked them a question, " do you see yourself keeping your job when you hit 45?" Most of them were not too optimistic about it. My friends are in sales and HR in various industries, software, IT, telecom, manufacturing etc. Their responses were quite similar. If you don't make it to senior management level, say at director level or above, chances of you keeping your job above 45 is going to be tough. How many people make it to the top? For the singles, adjustment is less of an issue as the smart ones would have amassed some cash and property that will help them through the winter years. However, at 45, the winter years is going to be very, very long given the average life expetancy these days. For those who are married with kids still in School, it will be very tough. Most of them would not have enough for early retirement and options are limited at that age. It seems strange to me that if only the senior executives (director, business owners, CEO) get to keep their job above 50, then where are those people who are not the same calibre at that age group? For people in the HR and accounting professions, I told them there is still lots of demand in China, if they are willing to take local package and rough it out for a couple of years. Many were surprised that some jobs in China pays better than Singapore. However, most of them expressed reluctuance to work abroad and not willing to be away from family for an extended period of time. I can only conclude that my friends are not hungry enough and life is probably still tolerable for now.
3) with the exceptions of the high fliers and those in the comfortable government jobs, it seems that 45 is roughly the cut off age for meaningful employment. Past that age, the income level will start dropping and it will be difficult to hold on to long term meaningful employment. How many of us have enough for retirement at 45? How many of us are planning for things to keep themselves busy while making some income beyond 45? What are the options available in Singapore at that age besides driving taxi, McDonalds and 'consultancy'. The latter being a euphemisum for being unemployed. However, many people don't seem to be worried until it hits them by surprise and it becomes too late to do anything.
I don't have solutions, but I think if we are start thinking about such issues early, we will be better equipped to deal with it when it comes.</TD></TR></TBODY></TABLE>
I recently went back to visit my parents and catch up with friends. Although it was a short trip, I left Singapore with a rather heavy heart. Maybe it is just me, as I have been away for a while. The conversations I had with friends, strangers and various contacts do suggest that life is tough for Singaporeans in the early 40s. However, the people I spoke to may not be representative of the population. Maybe you have a different view on this matter and I like to hear a different perspective.
1) I was speaking to a nice taxi driver on my way from the airport to my parents' place. The taxi driver uncle was very polite and speaks very well. I found out that he used to be an Assistant GM for a manufacturing plant (electronics) in Singapore which had to be shut down and relocated to China. He is 45 and has two kids still in school. His job search took more than 2 years and he decided to drive taxi as an interim measure to keep the income coming while he continue his job search. His comments: " when you are in your 40s, you better make sure you either at the top of your profession, CEO, or running your business. If you are in the middle management level, most headhunters will not be interested in you unless you have very specialized domain knowledge or expertise. "
2) I spoke to a friends of mine in a dinner setting. (age group 38-41) Most of them are senior executives (VP level) at various industries. I asked them a question, " do you see yourself keeping your job when you hit 45?" Most of them were not too optimistic about it. My friends are in sales and HR in various industries, software, IT, telecom, manufacturing etc. Their responses were quite similar. If you don't make it to senior management level, say at director level or above, chances of you keeping your job above 45 is going to be tough. How many people make it to the top? For the singles, adjustment is less of an issue as the smart ones would have amassed some cash and property that will help them through the winter years. However, at 45, the winter years is going to be very, very long given the average life expetancy these days. For those who are married with kids still in School, it will be very tough. Most of them would not have enough for early retirement and options are limited at that age. It seems strange to me that if only the senior executives (director, business owners, CEO) get to keep their job above 50, then where are those people who are not the same calibre at that age group? For people in the HR and accounting professions, I told them there is still lots of demand in China, if they are willing to take local package and rough it out for a couple of years. Many were surprised that some jobs in China pays better than Singapore. However, most of them expressed reluctuance to work abroad and not willing to be away from family for an extended period of time. I can only conclude that my friends are not hungry enough and life is probably still tolerable for now.
3) with the exceptions of the high fliers and those in the comfortable government jobs, it seems that 45 is roughly the cut off age for meaningful employment. Past that age, the income level will start dropping and it will be difficult to hold on to long term meaningful employment. How many of us have enough for retirement at 45? How many of us are planning for things to keep themselves busy while making some income beyond 45? What are the options available in Singapore at that age besides driving taxi, McDonalds and 'consultancy'. The latter being a euphemisum for being unemployed. However, many people don't seem to be worried until it hits them by surprise and it becomes too late to do anything.
I don't have solutions, but I think if we are start thinking about such issues early, we will be better equipped to deal with it when it comes.</TD></TR></TBODY></TABLE>
