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Preparing for retirement: Are Singaporeans ready to turn 100?

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Singapore’s push towards extending the retirement age to 62, and re-employing eligible employees up to the age of 67 certainly force employers to think out-of-the-box in keeping such employees engaged as well as skilled. A new survey reveals data about work/ retirement attitudes to aid such policies.

In a survey by Economist Intelligence Unit report commissioned by Prudential Singapore called, Ready for 100: Preparing for longevity in Singapore, 1,214 of Singapore’s residents were interviewed in parallel with 200 business leaders, 203 healthcare professionals, and experts on ageing. Excerpts follow.

Among the top results related to the workplace, 64% of older Singaporean residents (aged 55-64) say they still enjoy their work and a similar 65% say they still feel able to acquire the skills that they need to stay productive.

 

However, to capture this opportunity, most Singapore residents say companies must work harder on solving the struggle for a better work-life balance across all ages.

This is an issue that gets even more challenging as people get older. As people work longer, they need more flexibility to sustain their energy, manage the cycle of energy between work and home, and continue developing their careers. They also need time to build on their knowledge and reskill.

ALSO READ: Age-inclusive norms: Your guide to creating an inclusive workplace

The key is in seizing the opportunities, and some residents are already making this mindset change: of those surveyed, 14% of people aged 55-64 want to start a company after 62, and that number rises across the younger generations.

However, when asked to describe their attitudes towards work, the majority do not describe themselves as proactive. Only four in 10 surveyed say they actively seek new challenges, learning, and opportunities in their workplace.

Without proactiveness, people will be more likely to continue framing their lives in three stages in which one puts off non-money generating activities, such as pursuing a passion or volunteering, until later. This would prevent them from embracing alternative, and arguably better, life models, finds the report.

 

For change to happen, employees, businesses and the government must work together, the study points out. It states: “Employees can be more vocal about the kinds of adjustments they would like to see in their workplaces, particularly in regard to opportunities for older workers.

“Policymakers and Singaporean business leaders can partner to re-evaluate their policies and thinking around hiring older professionals. Companies can reassess their human resource and benefits programmes to better support the ageing workforce.”

How are you reassessing your HR models to better suit an ageing workforce? Write in to us with your ideas and experiences.

Here are some additional resources on catering to a multi-generational workforce:

  1. Your Millennial employees spend more on coffee than saving for retirement
  2. How DBS is readying 10,000 staff in Singapore for Smart Nation skillsets
  3. Career advice you can give your staff
  4. 70% of Singapore’s female staff will stop working if they can
  5. Case study: Why Singapore General Hospital is beating industry norms in engagement

Graphics / Economist Intelligence Unit report and Prudential Singapore

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