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Time to put the idea of retirement age to rest?

Are employees prepared to work late into their lives? And how are bosses reacting?
Aaron Low

Sat, Jun 02, 2007
The Straits Times

MENTION retirement to security guard supervisor Sheikh Faried Al Johary and he lets out a big sigh.

'What retirement? Look at the 70-year-olds in fast-food restaurants cleaning tables,' says the father of two university-educated daughters.

He eventually wants to stop working, but will continue on the job as long as his health permits and his employer keeps him on.

'Someone has to pay the bills, and I don't want to depend on my children when I'm old,' says the 52-year-old, who earns $1,800 a month.

His views reflect a change from the once-popular notion of working hard, building up a nest egg and retiring after, say, 30 years on the job.

According to a recent global survey on retirement, which included 1,004 Singaporeans aged 40 to 79, the majority of those polled here share Mr Sheikh Faried's view of working as long as they can.

Some want to support themselves through their old age, others because it gives their lives meaning, notes National University of Singapore sociology professor Paulin Straughan.

The Government, too, is keen on raising the employment rate of older workers, and has announced a slew of measures to do so.

This includes financial assistance for firms to hire older workers and incentives to encourage older workers to stay on the job. And by 2012, there will be a law requiring employers to rehire older workers when they reach retirement age.

Companies are beginning to adapt and have adopted age-friendly practices.

All signs point to the end of the idea that work stops when someone hits the official retirement age.

But are employees prepared to work late into their lives? And how are bosses reacting?

 
 
 
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