A recent survey indicates that a significant majority of Singaporeans aged 50 and above are in favor of increasing the official retirement and re-employment ages.
Survey Findings
The online survey, conducted by the PAP Seniors Group (PAP SG) and National Trades Union Congress U Women and Family, aimed to gather opinions on retirement, re-employment, and flexible work arrangements. The survey, which took place from August 7 to 21, collected responses from 1,471 working individuals aged 50 and over. The results, released in honor of the International Day of Older Persons, revealed that 87.9% support a retirement age of 63 years or older, while 80% favor a re-employment age of 68 and above.
Respondents also highlighted several employment challenges, including age discrimination, inflexible work schedules, extended working hours, and a lack of suitable job opportunities.
A Call for Respect, Regard, and Recognition
During a keynote speech at the Amara Hotel, PAPSG chairman Dr. Tan See Leng emphasized the importance of fostering a culture of respect, regard, and recognition for the older generation. He advocated for collaboration between senior and younger PAP members in championing elderly causes and creating a platform for intergenerational idea exchange. Dr. Tan also stressed the importance of ensuring fair treatment for all workers, irrespective of age.
Upcoming Workplace Fairness Legislation
Dr. Tan, who also serves as the Manpower Minister, highlighted the forthcoming workplace fairness legislation, which aims to bolster protection against workplace discrimination, including age-based discrimination. He emphasized the increasing importance of ensuring fairness in workplaces, especially with an ageing workforce.
Government Initiatives
The government plans to incrementally raise the retirement and re-employment ages to 65 and 70, respectively, by 2030. The initial increase to 63 and 68 was implemented on July 1, 2022. Dr. Tan also mentioned the government’s commitment to supporting employers in transitioning to an older workforce. This includes raising the CPF contribution rates for senior workers aged 55 to 70, assisting them in saving more for retirement.
The recently announced Majulah Package will significantly aid seniors in meeting their basic retirement needs. Benefits include the Earn and Save Bonus for lower- and middle-income workers and the Retirement Savings Bonus and one-off MediSave Bonus for seniors with limited wealth and CPF savings. Dr. Tan revealed that 80% of Singaporeans aged 50 and above in 2023 would benefit from the Majulah Package. He also mentioned enhancements to existing schemes like the Silver Support, Workfare, and the Matched Retirement Savings Scheme.
Conclusion
The survey’s findings and subsequent government initiatives underscore Singapore’s commitment to addressing the concerns and needs of its ageing population. As the nation progresses, ensuring that senior citizens are valued and supported remains a top priority.
Also learn about Proof of Accommodation for Foreign Workers: A Step Towards Enhanced Welfare.
