Singaporeans expect to work till at least age 65

• Oct 29, 2017

SINGAPORE (The Straits Times/ANN) – An ongoing local study has found that nearly half of men and a third of women aged 55-59 expect to still be working at the age of 65.

About 19 per cent of women and 26 per cent of men also expect to be working at the age of 70.

These were the results released by the Singapore Life Panel study, which surveys an average of 8,000 Singaporeans and permanent residents aged 50-70 years old every month.

The study is conducted under the Centre for Research on the Economics of Ageing (CREA) at Singapore Management University’s (SMU) School of Economics.

The survey, which was started in September 2015, aims to determine how prepared Singaporeans are in coping with the financial demands and risks associated with ageing.

From this specific survey on retirement, researchers said that it shows there should be more older people in the workplace within the next decade, since people expect to be working longer.

They added that factors such as the lack of pensions in Singapore may contribute to people working longer.

Professor Susann Rohwedder, a senior economist at non-profit research organisation Rand Corporation in the United States, said, “Internationally, what drives retirement are the institutions and financial incentives. When there’s a financial incentive to get out of work, you will get out.”

The researchers also said that since Singapore gradually increases the retirement age instead of retrenching older workers, people can expect to work longer.

Source: http://borneobulletin.com.bn/singaporeans-expect-to-work-till-at-least-age-65/