Statutory retirement age changes

"Prime Minister Lee Hsien Loong said on Sunday (Aug 18) that these changes, which were recommended by a tripartite workgroup and accepted in full by the Government, "will support older workers to continue working longer and to be more financially independent".


He announced at the National Day Rally that the statutory retirement age will go up to 63 in 2022, and eventually to 65 by 2030.

The re-employment age will also go up from 67 now to 68 in 2022, and eventually to 70 by 2030."





活到老,做到老?

Would the future silver generations have the mental and physical health to do so? 

Statutory retirement age going up but trending 'dream' retirement age going down. Younger generations hoping to be FIRE (financial independent and retire early). Which social norm would prevail come 2030?

Hmm... we ponder.




Just a hypothetical scenario:

Imagine if the young and "rich" choose to retire early and do not engage in any business, but the old and "poor" have to keep working. Then we will end up with a pretty skewed working population where the elder outnumber the prime-age workers in the workforce. (Less of the 30 to 50+ year olds who have high work capability.)

This may pose a problem because there will be fewer new sets of thinking and more inertia to changes.

Then when this group of youth run out of ammo for FIRE, they might rejoin the work force but with lower skill set levels (since they have became out of touch with "work"). Again, problematic.


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Comments

  1. More can FIRE. Dream comes true!

    ReplyDelete
    Replies
    1. Hi Uncle8888,

      Yeah, retirement age got moved back, so it's easier to retire "early". Lol!

      The see-no-touch money remains see-no-touch when FIRE.

      Delete
  2. The "official" retirement age is basically a redundant construct. It neither prevents one from quitting early, or an employee from making an older employee redundant prematurely. So why do we place emphasis on such an articial bar?

    ReplyDelete
  3. Hi Edwin,

    You have a point.

    I guess so that we can "officially" tell the old, unemployed and financially needy that 'Look, you have not reached retirement age yet. You can still find work to do!'.

    ReplyDelete
  4. For those who have committed to purchases of their expensive homes & vehicles, they can work for as long as their body & enthusiasm suffice. For the very rich, they are fortunate enough to retire anytime they so wish. It's the working class citizens who need work until they pass on since they have no other life. So please help them.

    ReplyDelete
    Replies
    1. Hi Unknown,

      We shall see what measures will gov put in place to help businesses to help them (the working class citizens that you referred to).

      Delete
  5. Doesn't have any impact on early retirement whatsoever. It just gives those who want to continue working a statutory right to continue doing so.

    ReplyDelete

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