"Tripartite workgroup sees need to raise retirement and re-employment ages
SINGAPORE: The tripartite workgroup tasked to look at issues concerning older workers has reached a consensus that the country’s retirement age and re-employment age will need to be raised, said Manpower Minister Josephine Teo on Tuesday (Mar 5).
Describing this as a "significant milestone", Mrs Teo said the workgroup will work out the details over the next few months, such as how far and how fast adjustments should be made, before submitting a final recommendation later this year.
But even if the age thresholds for retirement and re-employment go up, the Central Provident Fund (CPF) payout eligibility age will stay unchanged at 65 years old, the minister added.
The tripartite workgroup was set up last May to look at whether the retirement age of 62 and the re-employment age of up to 67 need to be changed, as well as examine the impact of CPF contribution rates on retirement adequacy of older workers, among other things."
Very interesting that the gov, in this budget, becomes very focused on the aged Sgp citizens who may not hv adequate min. CPF fund even though Minister Josephine Teo said more than 6 in 10 have that.
That leaves slightly less than 4 elderly workers needing to work to live their lives till 80+ or to get gov funding! That more than 30% is significant!!
The tripartite team will need to consider:
1. who r the different type of aged workers - blue-, white- n gold-collared;
2. who is still able n willing to work till his/her last day? what income is deem as "fair n reasonable" based on:
a. work to eat n survive? or
b. work to be alive n for fun?
For me, there is a need to promote a "Less is more" for aged workers If they already got their housing n medical insurance taken care of n money is NOT the reason they work!
For the needy survival aged workers, what is a fair n reasonable pay for the most common work available to them? Cleaning m sweeping will probably b done by AI n robots!!
Or just pay them a Universal Wages fr the national coffers?
Will the "work to b alive" elderly b prepared to take less money n stay connected or they demands "pay me my last pay if u want me to work still?"
A mindset change required. a challenge 4 sure that the gov must NOT SHY AWAY!
Dig deep n get to work everyday to influence the mindset of "Less is more!!"
SINGAPORE: The tripartite workgroup tasked to look at issues concerning older workers has reached a consensus that the country’s retirement age and re-employment age will need to be raised, said Manpower Minister Josephine Teo on Tuesday (Mar 5).
Describing this as a "significant milestone", Mrs Teo said the workgroup will work out the details over the next few months, such as how far and how fast adjustments should be made, before submitting a final recommendation later this year.
But even if the age thresholds for retirement and re-employment go up, the Central Provident Fund (CPF) payout eligibility age will stay unchanged at 65 years old, the minister added.
The tripartite workgroup was set up last May to look at whether the retirement age of 62 and the re-employment age of up to 67 need to be changed, as well as examine the impact of CPF contribution rates on retirement adequacy of older workers, among other things."
Very interesting that the gov, in this budget, becomes very focused on the aged Sgp citizens who may not hv adequate min. CPF fund even though Minister Josephine Teo said more than 6 in 10 have that.
That leaves slightly less than 4 elderly workers needing to work to live their lives till 80+ or to get gov funding! That more than 30% is significant!!
The tripartite team will need to consider:
1. who r the different type of aged workers - blue-, white- n gold-collared;
2. who is still able n willing to work till his/her last day? what income is deem as "fair n reasonable" based on:
a. work to eat n survive? or
b. work to be alive n for fun?
For me, there is a need to promote a "Less is more" for aged workers If they already got their housing n medical insurance taken care of n money is NOT the reason they work!
For the needy survival aged workers, what is a fair n reasonable pay for the most common work available to them? Cleaning m sweeping will probably b done by AI n robots!!
Or just pay them a Universal Wages fr the national coffers?
Will the "work to b alive" elderly b prepared to take less money n stay connected or they demands "pay me my last pay if u want me to work still?"
A mindset change required. a challenge 4 sure that the gov must NOT SHY AWAY!
Dig deep n get to work everyday to influence the mindset of "Less is more!!"
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