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Almost all recent retirees re-employed: Tan Chuan-Jin 66 per cent of them were allowed to continue working on their existing contracts. -AsiaOne Mon, Feb 04, 2013 AsiaOne Nearly all, or 97 per cent, of some 11,500 retirees in 2011 were offered employment beyond the age of 62. 66 per cent of them were allowed to continue working on their existing contracts and 31 per cent were offered re-employment under a new contract. Of those who accepted re-employment in the same job, 17 per cent had their wages adjusted downwards, with a median wage cut of 12 per cent. Acting Minister for Manpower Tan Chuan-Jin was answering WP's Chen Show Mao on how many Singaporeans and permanent residents were covered by the Retirement and Re-employment Act in 2012. In a written reply, Mr Tan stated that statistics on the re-employment situation in 2012 will only be available in March 2013 but the results of a previous ad-hoc survey showed that most employers were prepared for employment even before the Act came into effect on Jan 1, 2012. As for re-employment disputes, the Ministry of Manpower (MOM) received 32 cases in 2012, mainly over eligibility for re-employment or dissatisfaction over the re-employment terms offered. In most of these cases, the employers and employees have reached a successful settlement, wrote Mr Tan, who also stated "on the whole, the results in implementing the re-employment law have been positive." Employment rate of older residents aged 55 to 64 rose from 61.2 per cent in 2011 to 64 per cent in 2012, and the number of re-employment disputes lodged with MOM has been low. Mr Tan attributed this to the tight labour market situation and the efforts of the tripartite partners in promoting re-employment. [email protected]

For those self-employed and who typically do not regularly voluntarily contribute to CPF, are you planning to do so before end Mar or 15 Apr 2012? I remembered last year my Dad (who is a taxi driver) voluntarily contribute to CPF in order to qualify for certain govt payouts such as WIS, Bonus etc. Is there stilll such govt pay-out schemes in 2012? thanks

They are below 30, employed and mired in debt. This is the fastest-growing age group of debtors, say credit counsellors. On average, they owe $55,000 to about seven creditors, according to new data from Credit Counselling Singapore (CCS), a non-profit group which advises debtors. Under-30s made up 9 per cent of all cases handled by it in 2006, and 13 per cent last year. In the first three months of this year, it went up to 15 per cent. CCS told The Sunday Times that most of these young adults are snared by materialism and a desire for the high life. They splash money on cars, branded goods, overseas holidays, clubbing and gadgets. Several also gamble their money away. Young adults are not just facing credit woes - they are also forming a bigger percentage of those who become bankrupt, according to the latest figures from credit analysis firm Amequity. Last year, people aged 30 and below made up 7 per cent of all bankrupts. In the first four months of this year, that has increased to 12 per cent. A third report, by the Credit Bureau of Singapore (CBS), which tracks consumer credit behaviour here, also points to the same trend. Released on June 13, the report noted that young adults aged 21 to 29 were more likely to miss their credit-card payments, or not pay them in full, compared with other age groups. CCS president Kuo How Nam feels that it is a 'definite cause for concern to see more young people with bigger debts'. He puts it down to them succumbing to the temptations of consumerism, while knowing little about financial and credit management. 'Faced with the euphoria that comes from finally earning some real money, youngsters tend to underestimate the income required of a certain lifestyle,' he said. Indeed, 'overspending' is the top reason given by people in this age group for being in debt. Mr Leong Sze Hian, president of the Society of Financial Service Professionals, has been surprised by questions from young bankrupts at the weekly briefings for new bankrupts on the Official Assignee's premises, where he volunteers. 'They often ask 'Will my guarantors be bankrupt?'. They clearly don't realise what bankruptcy means,' he said. He has observed more young faces at the sessions and noted that young bankrupts are typically not rich, and that their debts usually stemmed from car loans and credit-cards debts. Hong Kah GRC MP Zaqy Mohamad, who sees young adults once or twice a month over credit problems, feels that they have a false sense of security. 'They always assume that because they're young, they can earn more and their salaries can only go up. That's why they dare to buy things on credit,' he noted. 'They don't give any allowances for losing their job or suffering a pay cut.' Besides suggesting that schools start equipping students with credit and financial management skills, Mr Kuo also pointed fingers at the 'aggressive marketing' of credit-card companies. He said that financial institutions should practise more responsible lending and not encourage the proliferation of credit cards among the young. CBS general manager Mark Rowley, however, said that 'it's very difficult to criticise the banks, as they're in the business of lending money'. The silver lining, he noted, is that the percentage of young people who default on credit-card payments is relatively low compared to other countries in the region. 'And Singapore has the safeguard of credit-card limits. In many economies, there are no limits at all,' he added. More Bankruopty Coming Up [sweatdrop]