Daily Lessons from Life 28 May 2018 - Older workers or work till older?
"New tripartite workgroup to study concerns of older workers
SINGAPORE: A new tripartite workgroup will be set up to look into the concerns of older workers and how to protect their interests as the resident workforce ages.
Announcing this during the Manpower Ministry’s annual workplan seminar, Manpower Minister Josephine Teo said that about one in three workers in Singapore today is above 50 and they have anxieties about the future, especially as technology disrupts businesses and jobs.
Singapore is also facing a “demographic disruption” of an aging population with a shrinking working-age population, she added.
The workgroup will look into four areas: Ensuring older workers are valued, reviewing the retirement and re-employment age; considering Singapore’s next moves on retirement and re-employment age; and examining Central Provident Fund (CPF) contribution rates for older workers and its impact on retirement adequacy.
The workgroup will be chaired by Permanent Secretary for Manpower Aubeck Kam, and comprise National Trades Union Congress (NTUC) chief Ng Chee Meng, Singapore National Employers Federation’s president Robert Yap and Mrs Teo as advisors. Representatives from tripartite partners will also make up the workgroup.
“Should we continue to assume that most people do not work beyond age 64? In fact, brother Chee Meng asked a good question recently. Why should there be an expiry age for people’s desire or willingness to work?” Mrs Teo said at the seminar. “If so many countries will have older populations, how can we turn this into a competitive edge for our economy and society?”"
What r the reasons for workers for to work till after 64 yrs old?
1. they enjoy working!;
2. they hv no choice as they need a wage to survive;
Let's employ the 5 Whys to drill down item no. 2 above:
a. why they hv no choice?
a1. they hv no saving as they hv been low waged workers all their lives;
Why? They hv no education n no other jobs?;
Why can't ask for higher wages? No employers want to pay higher wages as they can automate or hire lower waged foreign workers;
Why employers pay lower wages? Employers want to make money for taking risks n starting a biz;
Why cant the employers pay higher wages n still make money? Other costs like rent, utilities, etc. too high n also employers want to live luxuriously n need bigger profit!
Maybe the government needs to tackle the overall costs of doing biz?
What abt why low waged workers spend on most daily n monthly? Could higher cost of living instead of quality of living makes their lives very hard n must soldier on?
When workers become older, do they need MORE or LESS money to live happily if they hv medical insurance well taken care of n lodging settled (HDB flat paid off or pay special low low rent)?
Why do they need to work passed 64yrs old if they can draw Sgd10k/mth or more like the Minister? Since they r older n need less, Sgd2k/mth may be enough?
This should b easy to get as i read that cleaner can get as much as Sgd1.8-2k in some restaurants!!
Maybe we hv to work on LESS is MORE in old age if one is healthy n medical insurance n housing needs r settled!!