Majority of establishments keep workers beyond the age of 62
A majority of employees surveyed by the Ministry of Manpower have allowed their local employees to work beyond 62 - and most of these employees have stayed on.
The survey, which was conducted on a sample of 3,200 private establishments (each with at least 25 employees) employing over 800,000 employees, showed that nearly two thirds of private companies have implemented measures to allow employees to work beyond the statutory retirement age.
This includes allowing them to continue with their existing contract, or by offering re-employment. Due to this, nearly eight in 10 employees worked in these establishments.
Of those companies that have not implemented any such measures, only 22 per cent employ locals. Majority of these companies said they have not done anything because none of their employees have approached retirement age, while a quarter admitted that they have simply not thought of doing so.
A small percentage of this group (12 per cent) said they do not see the need to do anything. An even smaller percentage (8 per cent) will devise a plan in the next one to three years.
Seven out of 10 employers who offered re-employment indicated that the workers could be redeployed to another job. While most contracts offered are on a one-year basis, these employers also said the contracts were renewable, with no maximum age limit for the extension of employment.
Companies with re-employment policies who did not offer re-employment to qualified employees beyond 62 cited lack of suitable jobs as well as employees indicating that they did not want to work beyond this age, as the reasons for doing so.
> Now it is 62 years old, next year would be 65, then graduating to 67, 72,
> 80, 85 and 90 years old. So those who are born in 1962 will be 55 years old
> in year 2017. These unlucky Singaporeans will only start to see their
> retirement money (if any) trickling in when they are 90 years old in year
> 2052. Most of these people will be either dead or seriously ill and been bed
> ridden or in a state of comatose.
> Papist government will then rubber stamp a law in pariahment and "Chong-Kon"
> all the monies left behind :)
From: Pubic Hair
Subject: Re: Good reasons for CPF to push further back the retirement withdrawal age
It's not only in Singapore, in the US is no difference. The reason why
is because many Singaporeans live longer, not shorter. And these older
Singaporeans who are still alive when they should have been dead long
time ago are expensive to take care of for another 20 or 30 years.
Who pays for them? Who else, the Singaporean government, right? And
where does the government get the money from to pay? Must be from you
and your children :)
Somebody old whom I know was admitted to the hospital for about one week
for tests and observation. Her hospital bill was about US$70,000.00
Medicare and Medicaid paid, and she paid not a nickel.
And do you know how many sick old people go and leave the hospital
daily? Thousands if not more, and they paid nothing. Their payroll
contribution (Medicare) is worthless (very minimal), but when they get
old and sick the government has to pay whatever the hospital charges
I suggest that when you wake up in the morning or before going to bed at
night post the good things about your government, and not about what you
perceive as bad only...because your government is a good government...