SUBSCRIBE: Newsletter

Human Resources



Singaporeans are not ready for retirement

The first Managing Mental Health & Wellbeing in the Workplace online course will be launched in December.
Register your interest for the course at the introductory price of SGD199.

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

HR Masterclass Series: High-level HR strategy training workshops
with topics ranging from Analytics, to HR Business Partnering, Coaching, Leadership, Agile Talent and more.
Review the 2019 masterclasses here »

Read More News


Leave a Reply

You must be logged in to post a comment.