A recent survey in Singapore, conducted in August 2023 to mark the International Day of Older Persons, revealed strong support among individuals aged 50 and over for increasing retirement and re-employment ages.
The survey, conducted in August 2023, aimed to gauge sentiments and preferences regarding retirement, re-employment, and flexible work arrangements among older Singaporeans.
Backing for Elevated Retirement and Re-Employment Age
The survey's findings indicated that an overwhelming majority of Singaporeans and permanent residents aged 50 and above, accounting for approximately 87.9% of respondents, endorsed the idea of a retirement age set at 63 years and beyond. The study revealed that eight out of ten respondents expressed their support for an official re-employment age of 68 years and higher. This level of support emphasizes the desire among older Singaporeans to continue working beyond the conventional retirement age.
In recognition of the valuable contributions older Singaporeans can make to the workforce, the government plans to progressively raise the retirement and re-employment ages to 65 and 70, respectively, by 2030.
Key Employment Challenges and Barriers for Older Workers
Among the top employment challenges and barriers cited by respondents were:
Negative Employer Attitudes and Age Discrimination: Many older workers face negative attitudes from employers and experience age discrimination in the workplace.
Inflexible Working Arrangements: Respondents highlighted the need for more flexible work arrangements to accommodate their changing needs and preferences.
Long Working Hours: The survey revealed concerns about long working hours that could hinder older workers from achieving a work-life balance.
Limited Suitable Job Opportunities: Many older individuals encounter challenges in finding suitable job opportunities that align with their skills and experience.
Legislation Against Age Discrimination
PAPSG chairman Tan See Leng emphasized the importance of building a culture of "Respect, Regard, and Recognition" toward the older generation. Doctor Tan called upon senior and younger PAP members to collaborate in championing elderly causes and create a platform for sharing ideas and promoting inclusivity for all age groups in the workforce.
Doctor Tan, who also serves as the Manpower Minister, highlighted the upcoming workplace fairness legislation aimed at strengthening protection against workplace discrimination, including age discrimination. This legislation is seen as a crucial step toward ensuring fair treatment for all workers, regardless of their age.
Financial Support for Seniors
The Majulah Package, announced at the National Day Rally 2023, is designed to have a significant impact on seniors' retirement needs. It includes:
Earn and Save Bonus: Providing a CPF bonus of between $400 and $1,000 annually for lower- and middle-income workers who remain in the workforce.
Retirement Savings Bonus: Offering bonuses of between $1,000 and $1,500 for seniors with fewer financial resources.
One-off MediSave Bonus: Providing a bonus of between $500 and $1,000 for seniors facing financial challenges.
Doctor Tan promised further details during the Committee of Supply debate for Budget 2024, ensuring that eight in 10 Singaporeans aged 50 and above in 2023 will benefit from the Majulah Package. Additionally, existing schemes like Silver Support, Workfare, and the Matched Retirement Savings Scheme will be enhanced to further support older workers.