SUBSCRIBE: Newsletter

Human Resources

Toggle

Article

Singaporeans are not ready for retirement



Uncover and learn about complex HR innovation tools and strategies at Accelerate HR from Thailand's largest employers including Agoda, DKSH, Fonterra, FWD, Kasikornbank, Minor Food, Nissan Motor and more.
Happening in Bangkok on 26-27 November, group discounts when you bring your team.

Singaporeans feel the need to continue working past the country’s minimum retirement age of 62 in order to manage their finances.

In total, 58% of Singaporeans ages 40 and above said they plan to carry on working when they reach retirement, with 12% wanting to extend their tenure with their current employer.

Thankfully, employers seem to be on board with this mentality, too. Eighty-seven per cent of bosses said they are open to postponing the retirement of existing workers, with 69% of them stating they would give the same benefits and remuneration upon re-employment.

The findings, from a survey by JobStreet, found the main reason for Singaporeans wanting to extend their working lives is finances (37%), but 75% said they would probably prefer part-time or project based employment to assure work-life balance is maintained.

Overall, 55% of Singaporeans said they believe they need $500,000 to retire. However, 40% are less than halfway towards their final savings goal.

In order to reach their goal, local workers stated they wouldn’t mind applying for jobs they are overqualified for (88%), indicating that career advancement is not a priority.

Image: Shutterstock



Mark your calendars as the crowd's favourite candidate and employee experience conference, Talent Experience Forum is back!
Happening only in KL, Malaysia on 5 November. Register your seat because you will be hearing top insights from C-suite and senior HR leaders from Dell, Digi, GoCar, IPG Mediabrands, Nestle, Tesco, Unilever and more.

Read More News

Trending

Leave a Reply

You must be logged in to post a comment.