MS Originals

Retirement & Re-Employment Age Will Likely Be Raised In Sep, Says Josephine Teo

Retirement Age To Increase Because Of Longer Life Expectancy

Thanks to improvements in healthcare, Singaporeans are living longer and healthier lives.

To encourage the elderly to continue participating in the workforce, Minister Josephine Teo announced in March, that there will be an increase in the retirement and re-employment age. The current ones are 62 and 67 respectively.

A higher employment age means companies cannot ask older workers to leave. Re-employment age refers to age until which employers must continue offering re-employment.

In a Facebook post Ms Teo made yesterday (11 Jun), she said that an update confirming the increase will be made in Sep 2019.

Singaporeans have a longer and healthier life

Ms Teo said in her Facebook post that the new statistics from the International Labour Conference (ILC) revealed that Singaporeans are living longer and healthier lives.

The life expectancy rose by 8.7 years to 84.8 years.

Source

These encouraging statistics reaffirmed the decision to set up the Tripartite Workgroup on Older Workers to protect elderly employees.

A longer life expectancy means that the elderly can continue to remain in the workforce. This is a trend she says is “observed across many developed countries.”

 

In fact, a study predicts that other countries like the US and Japan will also be raising their retirement ages due to people living longer.

Good employer relations results in a smooth transition

Ms Teo also says that strong Tripartite relations – between the Government, unions, and employers – allow all parties to come to an agreement about the raise.

Instead of the “bickering we sometimes see elsewhere”, the focus is to help improve long-term productivity for employees and employers.

With just a few small areas left to polish, Ms Teo is confident that there will be an update made for the public before Sep 2019.

Netizens applaud increase in retirement & re-employment age

Many Singaporeans seem to support the change.

The increase in retirement and re-employment age will give the elderly who still wish to contribute to society an opportunity to do so. It could also be a means to kill time.

Source

Another netizen clarifies that an increase in retirement age doesn’t mean the elderly are forced to work. It means they have the choice to do so if they want to.

Source

Increasing retirement age isn’t a bad thing at all. A higher retirement age means more protection for elderly workers. A higher retirement age doesn’t mean you’re forced to work longer. If you don’t want to work, just leave, retire.

This said, the increase in retirement and re-employment age later in the year should be something to cheer for.

Featured image from Esplanade.

Tze Chun Choi

Choi can be bought over with the right types of food. So feed him. Please.

Recent Posts

I rewatch the ‘Harry Potter’ films every year & this is what I thought of ‘Visions of Magic’ at Sentosa

Hint: Even James and Oliver Phelps -- who actually starred in the movies -- were…

22 Nov 2024, 10:54 am

Mixue S’pore’s S$1 cone will cost S$1.50 from 25 Nov due to rising cost of raw materials

Mixue will be giving out 1,000 vouchers at each store.

22 Nov 2024, 1:28 am

Man spills Chagee drink inside car while trying to peel perforated section for lucky draw

The bubble tea store covered the car wash fee and gave him a new drink.

21 Nov 2024, 6:23 pm

Man in Korea kills woman who requested breakup after dating for 19 days, gets life imprisonment

The man reportedly stabbed her in the face, neck, and abdomen 58 times.

21 Nov 2024, 6:19 pm

‘0000’ number combination wins 2nd prize in 20 Nov 4D draw

Some netizens felt "nobody" would buy such an unusual combination.

21 Nov 2024, 5:32 pm

‘Tyre slasher’ allegedly deflates tyres in Woodlands carparks, arrested for being public nuisance

The act was seemingly carried out in the name of a climate activist group.

21 Nov 2024, 5:18 pm