Due to prevailing global circumstances, many countries including Singapore are grappling with the effects of inflation, which is pushing the cost of living up.
One way retirees here are dealing with it, it seems, is to return to work. Channel NewsAsia (CNA) reported this finding in a news broadcast on Wednesday (10 Aug).
According to them, the trend is particularly observable in certain sectors such as hospitality.
Speaking to CNA, a 65-year-old kitchen steward at a local hotel explained that “Singapore is not a cheap place to live”. Despite having grown-up children, he said that he has to continue working to support daily life as well as necessities like utility bills and rentals since his wife is a housewife.
The former hotel manager is apparently three months into his new gig, which he started nearly 12 years after retiring from his previous job.
Citing a Milieu Insight study, CNA noted that 75% of older workers in Singapore plan to stay in the workforce past the current retirement age of 63.
Common reasons for this include staying active and having a purpose even in old age.
With the Ministry of Manpower (MOM) recently raising retirement and re-employment ages to 63 and 68, experts foresee employers tapping on more experienced workers, stated The Straits Times (ST).
They also believe that the need for older, skilled workers will encourage retirees to rejoin the workforce.
Despite the eagerness to work, there are obstacles to rehiring such workers.
Due to technology redesigning many occupations, some seniors may be apprehensive to return to work.
Therefore, experts advise employers to invest in training to offer them a chance at the job.
They should also look beyond paper qualifications and leverage seniors’ wealth of work experience, an analyst told CNA.
Quoting the MOM, CNA also reported that employers have offered over 90% of eligible seniors re-employment at age 62.
Senior workers who get the offer are usually those who have expressed their wish to keep working.
The ministry expects this trend to continue amid the current labour crunch.
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