Singapore can’t afford to retire its most experienced workers early
Bringing forward higher retirement and re-employment ages makes economic sense — and need not cost younger workers their jobs.
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Bringing forward the retirement age to 65 and re-employment age to 70 to 2029 keeps more experienced workers in the labour force sooner.
PHOTO: LIANHE ZAOBAO FILE
Singapore is ageing fast, yet many senior workers leave the labour force earlier than they need to, or want to. Companies are losing some of their most educated and experienced staff before their time.
After wide consultation with more than 1,000 stakeholders as well as study trips to Japan, Germany and Switzerland, the Tripartite Workgroup on Senior Employment recently proposed major shifts in policies to raise the labour participation of senior workers as well as their take-home earnings.