Old is gold

The Business Times
View From The Top
Published: 17th Mar 2014

 
What are the pros and cons of raising the re-employment age ceiling to 67 years?
How would the move impact the broader issue of manpower hiring and talent retention?
 
THE idea of raising the retirement age up to 67 years in phases has been talked about for several years now, so it should not come as a surprise. I believe this is a good move given the higher life expectancy of Singaporeans. If people are able to work up to 67 years of age, they will be more financially secure and are likely to be more mentally fit, which can help to reduce and delay the need to depend on their family or society at large to provide for them.

Implementing legislation to further raise the re-employment age ceiling means that employers will have little choice but to continue employing workers beyond the current 62 years and up to 67 if they remain fit. This impending change should go some way towards helping to alleviate the labour shortage that Singapore is currently facing due to the tightening of foreign worker quotas.
 
Ronald Lee
Managing Director
PrimeStaff Management Services Pte Ltd

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