Survey Of Singapore Seniors Notes 90% Support Raise Of Retirement Age Beyond 63
Nine in 10 Singaporeans aged above 50 support the raise of both the retirement age and re-employment age above 63 and 68 respectively, according to a survey.
The survey was conducted by the People’s Action Party Seniors Group (PAPSG) and the National Trades Union Congress U Women and Family (NTUC U WAF).
Manpower Minister Tan See Leng said on Saturday (23 Sep) that the Government will progressively raise the retirement and re-employment age by 2030.
90% support raise of retirement age to 63 and beyond
According to The Straits Times (ST), 1,471 working individuals aged 50 and over were surveyed between 7 and 21 Aug.
The survey results were released during a commemorative event for the International Day of Older Persons (IDOP).
87.9% of Singaporeans and permanent residents aged 50 and above supported a retirement age of 63 years and higher.
Meanwhile, eight in 10 (80.4%) supported an official re-employment age of 68 and above.
“Respondents raised negative employer attitudes, age discrimination, and inflexible working arrangements or long working hours as key challenges they face to work past retirement age,” a PAP news release noted.
Government will progressively raise retirement & re-employment ages to 65 & 70 by 2030
Dr Tan, also the chairman of the PAPSG, said PAPSG will continue to champion the needs of our seniors.
He encouraged everyone to uphold the 3Rs: to hold in Regard, to Respect, and to give Recognition to their contributions and potential.
Dr Tan said PAPSG will unveil a roadmap themed to the 3Rs for an even more age-friendly society.
He hopes that both senior and younger PAP members can work together to volunteer in the active championing of elderly causes with a platform and ecosystem for the young, middle-aged and elderly to share ideas and new thought processes and to push boundaries.
To facilitate this, he said the Government will progressively raise the retirement and re-employment ages to 65 and 70 by 2030.
At the same time, Dr Tan added that the Government will gradually raise CPF contribution rates for senior workers aged 55 to 70. This will help them to save more for retirement.
Ensuring seniors have fair access to workplaces is goal
PAPSG IDOP 2023 organising chair Mr Yip Hon Weng said during the event that the policies “will benefit us down the line, when we find ourselves as seniors.”
“From PAPSG’s outreach to seniors, workplace support came up strongly as a key concern as many seniors still have career milestones they want to achieve, for those who want to continue working,” he added.
Mr Yip said they have always championed senior-related causes, and the Government has responded with key policy shifts, noting that they’ll share the survey insights with the Government and help “set a clear direction in making Singapore the best place to age in”.
Comments note need to work as wages aren’t increasing as quickly
Not everyone seemed pleased that the retirement age continues to rise.
One comment noted that a lack of savings is why many have to keep working even as prices increase and wages rise slowly.
Translation: Everything is rising nowadays, but wages are rising so slowly. If you don’t have enough savings, you will have no choice but to keep working.Another mentions only being able to retire if there are plenty of savings and wealth. Otherwise, one has to put food on the table and can’t even think of retirement.
Translation: Only when your savings are overflowing do you have the luxury to talk about retirement. Who would dare talk about retirement if you are worried about putting food on the table and have issues paying for three meals a day?Others, however, see the positive side in that those who wish to continue working can do so if the Government raises the retirement and re-employment ages. The current retirement age is 63, while the re-employment age is 68, as of 1 July last year.
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