"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.
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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