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<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - Retire?? Sinkees to work until dead!!!</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>Fkapore <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>4:42 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>32173.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Survey: 60% of Singaporeans want to retire by age of 60
April 22nd, 2010 |
Author: Our Correspondent
A survey done by Russell Investments, a global financial services firm showed that 60 percent of Singaporeans want to retire when they reach 60 years old, Channel News Asia reports.
The poll surveyed more than 500 fully-employed Singaporeans aged 35 and 55 in December 2009 and January 2010.
It also discovered that only 40 percent of Singaporeans have developed or intend to develop a proper retirement plan.
The findings seem to contradict earlier efforts by PAP leaders to get Singaporeans to work for as long as possible.
The PAP has been encouraging employers to re-employ older workers and to retain them in the labor force.
Though Singapore has one of the highest GDP per capita income in the world, its citizens enjoy few social welfare benefits from the government.
They are expected to be “self-reliant” and not become a burden to the state when they grow old.
CPF was initially meant to provide for the retirement needs of Singaporeans, but with the bulk of it being tied up in housing loans for HDB flats, not many Singaporeans will have sufficient funds left in their CPF to support themselves when they retire.
Furthermore, under a new CPF Life Scheme, Singaporeans can no longer withdraw their entire CPF and are required to keep a minimum sum of nearly $120,000 in it which will be disbursed to them on a monthly basis.
As such, Singaporeans have no choice but to work well beyond their twilight years to support themselves. They cannot depend on their children either, especially if they have families of their own and are burdened by the increasing cost of living.
It is not easy for the elderly to find jobs in Singapore as they have to compete with the relentless influx of younger and cheaper foreign workers while remaining “cheaper, better and faster” at the same time, to borrow the words of PAP minister Lim Swee Say.
Some have little choice but to take up menial jobs such as cleaners, toilet attendants and scavenging for used cardboards for a living.
PAP leaders have remained oblivious to the plight of Singapore’s senior citizens and are adamant that the greatest “dignity” they can give them is to a job, never mind if it pays well to afford a decent standard of living in Singapore.
With increased competition from foreigners, stagnant wages and ever rising cost of living, it is foolhardy for Singaporeans to expect to retire when they reach 60 years of age.
In all likelihood, they probably have to work till they drop dead and die.
</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
A survey done by Russell Investments, a global financial services firm showed that 60 percent of Singaporeans want to retire when they reach 60 years old, Channel News Asia reports.
The poll surveyed more than 500 fully-employed Singaporeans aged 35 and 55 in December 2009 and January 2010.
It also discovered that only 40 percent of Singaporeans have developed or intend to develop a proper retirement plan.
The findings seem to contradict earlier efforts by PAP leaders to get Singaporeans to work for as long as possible.
The PAP has been encouraging employers to re-employ older workers and to retain them in the labor force.
Though Singapore has one of the highest GDP per capita income in the world, its citizens enjoy few social welfare benefits from the government.
They are expected to be “self-reliant” and not become a burden to the state when they grow old.
CPF was initially meant to provide for the retirement needs of Singaporeans, but with the bulk of it being tied up in housing loans for HDB flats, not many Singaporeans will have sufficient funds left in their CPF to support themselves when they retire.
Furthermore, under a new CPF Life Scheme, Singaporeans can no longer withdraw their entire CPF and are required to keep a minimum sum of nearly $120,000 in it which will be disbursed to them on a monthly basis.
As such, Singaporeans have no choice but to work well beyond their twilight years to support themselves. They cannot depend on their children either, especially if they have families of their own and are burdened by the increasing cost of living.
It is not easy for the elderly to find jobs in Singapore as they have to compete with the relentless influx of younger and cheaper foreign workers while remaining “cheaper, better and faster” at the same time, to borrow the words of PAP minister Lim Swee Say.
Some have little choice but to take up menial jobs such as cleaners, toilet attendants and scavenging for used cardboards for a living.
PAP leaders have remained oblivious to the plight of Singapore’s senior citizens and are adamant that the greatest “dignity” they can give them is to a job, never mind if it pays well to afford a decent standard of living in Singapore.
With increased competition from foreigners, stagnant wages and ever rising cost of living, it is foolhardy for Singaporeans to expect to retire when they reach 60 years of age.
In all likelihood, they probably have to work till they drop dead and die.
</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
