Social Issues

More S’pore Retirees Reportedly Return To Work Amid High Living Costs & Low Manpower

Some Sectors In Singapore See More Retirees Returning To Work

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.

Retirees back at work to sustain daily needs & stay active

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.

Employers should look past paper qualifications

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.

More companies offering seniors re-employment

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.

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image by MS News.

Fayyadhah Zainalabiden

Fayyadhah spends most of her free time wondering why there's nothing fun to do and wastes the rest of her time on Netflix.

Recent Posts

S’pore Woman Says Rides At Genting Highlands Theme Parks Mostly Closed, Only Went On 4

Each admission ticket costs approximately S$46.

5 Oct 2022, 9:46 pm

Body Found In Lower Seletar Reservoir, SCDF Retrieved Deceased After Underwater Search

The age and gender of the deceased remain unclear.

5 Oct 2022, 9:28 pm

Influencers Titus Low & MsPuiYi Apologise For Steamy Video, Take Down Collab Content

Titus' wife Cheryl also apologised for airing her dirty laundry online.

5 Oct 2022, 8:57 pm

2-Year-Old M’sian Boy Passes Away After Falling From Baby Chair, Investigations Ongoing

Preliminary investigations found that there was no foul play involved.

5 Oct 2022, 8:46 pm

3-Year-Old Boy In JB Allegedly Told Mother About Abuse, Caregiver Denied When Confronted

The boy had video called his mother on the day of the incident.

5 Oct 2022, 7:35 pm

6 People & A Deceased Stuck In Jurong HDB Lift, SCDF & Technicians Free Them

Residents have allegedly long complained of the faulty lift.

5 Oct 2022, 6:54 pm