Extend retirement age? Maybe it's time to think about that from another perspective

[Spidey10]

  On 11/10/2021 at 12:55 AM, Sosaria said:

I'm not top management, so at this point in time, still can feel happier being just one of the footsoldier taking instructions, and leave the work at the office every day. No need to think about work or bring work home. 

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i love this type of job.....coz in 4/5 yrs time...i can take up this role....semi retire....🤣

[13177]

  On 11/10/2021 at 12:55 AM, Sosaria said:

I'm not top management, so at this point in time, still can feel happier being just one of the footsoldier taking instructions, and leave the work at the office every day. No need to think about work or bring work home. 

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Good to able to leave the work at the office and no need to bring work home. But sometimes even you are not in top management, but might also need to bring work home, must see what job scope you have.

[13177]

  On 11/10/2021 at 1:00 AM, Spidey10 said:

My thot as well.....also, the whole tread like referring to some pple in gahment ahhh....pls retire and give to young blood...🤣

i actually dun agree with the proposal....actually who dun wan to retire early and enjoy life? the thing is, are we able to or not? 

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Some people is not that they are not able to retire or retire early. Esp those who is in top management and earning high salary, usually they only need to sit in office to give instruction and no need to do too much field work, so they can still continue to work even maybe they are already past re-employment age. Or these people dont want to stop working and stay at home cause nothing much to do also, so they might as well work since still healthy and get pay with high salary, since who doesnt want to continue to get high salary coming in monthly even though they might be already have lots of money and saving?!

[Kxbc]

The current batch in the retirement age group or near retirement age are those born in late 50s/early 60s. Generally speaking, this batch belong to the era where their goal is to improve their standard of living and as such, they have spent lots of years working. So much so that they had neglected to develop hobbies and friends outside of the working life, assuming they even had time and energy then to do so.

So now that they are near retirement, I think also a bit panic what to do with that free time. So maybe the thinking is then: "Why not continue to work to fill up my free time since I don't have any idea what to do". I know of people like that in my company.

[serenade]

It takes two to tango. If the incumbent is in good health, wants to continue working,  and still can do his job well, then why make him retire? Age is just a number. There are benefits for both sides. The company can use him in a service cum working role where he imparts years of experience to younger colleagues. For the individual he retains pride for being wanted, earns to buy luxuries and holidays, keeps boredom away. Not everyone wants to stay at home to face a naggy spouse or being a baby-sitter to grand kids. For the singles, retirement without a plan is a ticket to social isolation when there are no colleagues.

The staff too must have an attitude to embrace change. Maybe to move to a new role, adopt new skills to be able to use new technology tools. After all nothing is consistent except for change. Some professions are great for re-hiring. Like technical roles of elevator maintenance (provided still fit enough to not endanger self and others), motor mechanics, nurses and educators.

For top management to stay on post-retirement age, it is provided that they are visionary and grounded enough to guide the company through crisis and adaptation. For this they deserve their top dollar and perks.

For the government there is a hidden agenda to keep the old employed. The more elderly stay employed, the less these people tax the health care budget and social welfare system. When a staff stays employed, the company's insurance pays for his medical care. 

[Victor68]

There are various reasons staff wants to continue or retire but I have said before there is no such thing as retire but stop working. One day you would need to stop and planning is important if you can. Like what Kxbc said, we spent our time contributing to work and busy with our daily routine activities, we have poor planning for retirement. Why is this so and can we avoid this for the next generations? Top 10% of the high earners don't have this problem unless they belong to those chasing to be among the top 10 riches in Singapore. 

[Throttle2]

  On 11/9/2021 at 7:28 AM, Windwaver said:

https://www.straitstimes.com/opinion/forum/forum-seniors-should-not-stand-in-the-way-of-younger-staff

Forum: Seniors should not stand in the way of younger staff

Singapore must tread carefully in handling the issue of raising the retirement and re-employment ages. Care must be taken not to cause resentment on the part of younger workers.

Workers in their prime (early to late 30s) might not be able to advance in the company's hierarchy if the seniors above them won't retire.

Older workers who can afford to retire early should give the younger generation a chance to climb up. They can always volunteer or offer mentorship to the young if they are bored with retirement.

If too many seniors cling to their jobs even when they don't need them, there may be fewer opportunities for the next generation.

Francis Cheng

 

Seems that old folks not needed in our country, just like what COVID-19 is doing to us.

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i know of more than a handful who are past 62 and have more than enough to retire in a lap of luxury.  But they wont, becos they are single, got not too much care in the world and spend a fair bit of money.  What will they do or end up if they really retire?    So they stay for as long as they can.  

[Windwaver]

  On 11/10/2021 at 6:19 AM, Throttle2 said:

 

i know of more than a handful who are past 62 and have more than enough to retire in a lap of luxury.  But they wont, becos they are single, got not too much care in the world and spend a fair bit of money.  What will they do or end up if they really retire?    So they stay for as long as they can.  

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Francis Cheng say old folks like me is in the way of their career progression (old in SG's context is pretty young on average)

Aiya, so many of my UHNW clients are in their 60s or older and have passed their business to their kids who are just enjoying life 

I talk to their kids too, that's how I know.

[13177]

  On 11/10/2021 at 2:54 AM, serenade said:

It takes two to tango. If the incumbent is in good health, wants to continue working,  and still can do his job well, then why make him retire? Age is just a number. There are benefits for both sides. The company can use him in a service cum working role where he imparts years of experience to younger colleagues. For the individual he retains pride for being wanted, earns to buy luxuries and holidays, keeps boredom away. Not everyone wants to stay at home to face a naggy spouse or being a baby-sitter to grand kids. For the singles, retirement without a plan is a ticket to social isolation when there are no colleagues.

The staff too must have an attitude to embrace change. Maybe to move to a new role, adopt new skills to be able to use new technology tools. After all nothing is consistent except for change. Some professions are great for re-hiring. Like technical roles of elevator maintenance (provided still fit enough to not endanger self and others), motor mechanics, nurses and educators.

For top management to stay on post-retirement age, it is provided that they are visionary and grounded enough to guide the company through crisis and adaptation. For this they deserve their top dollar and perks.

For the government there is a hidden agenda to keep the old employed. The more elderly stay employed, the less these people tax the health care budget and social welfare system. When a staff stays employed, the company's insurance pays for his medical care. 

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This is why the article mentioned that young ones difficult to move up, cause those senior doesnt want to retire from their position. Lol.

Example if a person is in 40s now, and his boss is in 50 plus, so if his boss intend to work until past 65 year old, think this guy would never able to move up to his boss position or at least manager level, since by the time if his boss intend to finally retired, this guy also already not young anymore. So this guy would be stuck in his current position, unless he jump ship to another company.

[13177]

  On 11/10/2021 at 6:49 AM, Windwaver said:

Francis Cheng say old folks like me is in the way of their career progression (old in SG's context is pretty young on average)

Aiya, so many of my UHNW clients are in their 60s or older and have passed their business to their kids who are just enjoying life 

I talk to their kids too, that's how I know.

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Having to pass their business to their kids and retired is different from a person working as an employee. Those people who are in top position in a company and just an employee of the company, these people usually would not want to retire and still continue to work and earn big bucks. I have an uncle who is a SVP in a company and already coming to 70s and yet still working le. In this case, those young one below him dont know when can move up to his SVP position in his department, since my uncle seems to have no intention to retire at all?! Lol.

[Windwaver]

  On 11/10/2021 at 7:02 AM, 13177 said:

Having to pass their business to their kids and retired is different from a person working as an employee. Those people who are in top position in a company and just an employee of the company, these people usually would not want to retire and still continue to work and earn big bucks. I have an uncle who is a SVP in a company and already coming to 70s and yet still working le. In this case, those young one below him dont know when can move up to his SVP position in his department, since my uncle seems to have no intention to retire at all?! Lol.

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Haha, Francis Cheng must be really mad after reading this

https://www.straitstimes.com/singapore/politics/retirement-and-re-employment-ages-will-be-raised-to-65-and-70

Retirement and re-employment ages in Singapore will be raised to 65 and 70

Ivory tower will totally ignore him (Francis Cheng) 

 

 

[Victor68]

  On 11/10/2021 at 6:19 AM, Throttle2 said:

 

i know of more than a handful who are past 62 and have more than enough to retire in a lap of luxury.  But they wont, becos they are single, got not too much care in the world and spend a fair bit of money.  What will they do or end up if they really retire?    So they stay for as long as they can.  

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True I know of many. Maybe their current job is 'easy income' and they don't really know what else can they do if they stop work. We work too hard, many don't really know when to stop. It is a skill to know how to enjoy life. 

[Kklim]

  On 11/9/2021 at 8:29 AM, Stratovarius said:

Ya. like our gahman now got what MM, SM or what obi-wan ministar.🤣

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You left out Emeritus. How dare you!!! 😀

[Stary]

  On 11/9/2021 at 1:06 PM, 13177 said:

No wonder young one cannot stay in one company for long and need to keep jump ship? So called to get promoted every company they jump ship?! Lol.

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Young one just have to stay nimble and constantly learn due to rapid changes in tech. There are plenty of opportunities for them to make money and move up the ranks. They should stop complaining about  expensive property market, FTs, boomers crowding the higher ranks, etc...

One example is Namewee.  He has been making MTVs on youtube, doing really well.  But he spotted the NFT trend, drop a new rap song  into NFT market few days ago and now he is a millionaire in just one night.  

https://www.straitstimes.com/life/entertainment/malaysian-singer-namewee-made-11m-in-virtual-currency-from-selling-song-as-nfts

10  years ago, hearing youtubers turning millionaire in few years is already quite shocking.  Now, they can do it in one night on NFT.  Awesome world isn't it?  

 

Edited November 10, 2021 by Starry

[13177]

  On 11/10/2021 at 7:05 AM, Windwaver said:

Haha, Francis Cheng must be really mad after reading this

https://www.straitstimes.com/singapore/politics/retirement-and-re-employment-ages-will-be-raised-to-65-and-70

Retirement and re-employment ages in Singapore will be raised to 65 and 70

Ivory tower will totally ignore him (Francis Cheng) 

 

 

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Omg, i need to work until 65 then can officially retired. Maybe i might not even alive by then liao?! 😅

[13177]

  On 11/10/2021 at 7:06 AM, Victor68 said:

True I know of many. Maybe their current job is 'easy income' and they don't really know what else can they do if they stop work. We work too hard, many don't really know when to stop. It is a skill to know how to enjoy life. 

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If current job is easy income and also high income, many people would rather continue to work. If stop no more will have high income credit into your bank account every month liao. If current job is not high salary, high chance might just retire and enjoy life. Why still get so stress and tire to work at old age?

[Stary]

  On 11/10/2021 at 2:11 PM, 13177 said:

If current job is easy income and also high income, many people would rather continue to work. If stop no more will have high income credit into your bank account every month liao. If current job is not high salary, high chance might just retire and enjoy life. Why still get so stress and tire to work at old age?

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I realised that some people wanna work till old age not merely because of the pay.  It is for the employer group health insurance.  You see, for the old people, the personal health insurance can cost an arm and a leg especially for the Integrated Shield plans with riders. So by working, they tap on the employer group insurance for their hospitalization needs. Those cost can be more than their salary itself.

 

Edited November 10, 2021 by Starry

[13177]

  On 11/10/2021 at 2:24 PM, Starry said:

I realised that some people wanna work till old age not merely because of the pay.  It is for the employer group health insurance.  You see, for the old people, the personal health insurance can cost an arm and a leg especially for the Integrated Shield plans with riders. So by working, they tap on the employer group insurance for their hospitalization needs. Those cost can be more than their salary itself.

 

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True, employee benefits given by company is important as well. Esp when old liao would have many medical condition.