FOOD FOR THOUGHT
Topic: Manpower Policy Change
Retirement age in Singapore will be raised from 62 to 63 in 2022, then gradually to 65 by 2030. While, re-employment age will go up from 67 to 68, and then to 70 by 2030.
Given the demographic trends, the issue of keeping older Singaporeans longer in the workforce has been well flagged in recent years. The moves to raise the retirement age is encouraging as older Singaporeans can then stay employed longer to continue earning a living and being part of this fast-moving society.
However, in another context, it’s a distressing reality that in our 60s, rather than enjoying life, we are pushed into an environment where we have to continue to work to fend for ourselves due to high living costs.
As such, how can businesses or individuals help? Are we supportive of this lastest manpower policy change to help older Singaporeans stay employed and relevant? How can an individual in his 60s build up his/her skills or what kind of job(s) is out there available for them?
As an HR consultancy and IT firm, we are supportive and open to employing older Singaporeans if he/she has the passion, determination and relevant skills. Currently, we have one employee in his late 60s working with us as a senior finance executive.
How about you? What do you think?