Andy Neo (102522U) Retirement Age

For us, we still have a long way to go before we retire. With better technology and advanced hospitals now, Singaporeans tend to have a higher life expectancy rate. A law that will make it mandatory for employers to offer re-employment to workers beyond the age of 62 will be in place by 2012. Singapore is raising the retirement age, through the process of re-employment from the current 62 to 65 in January 2012. Beyond that we would have to examine how we can further raise the retirement age. In Finland, they have raised it to 68, so it gives them an indication about where we should be heading.Because the Finns are not living longer than us, we have a life expectancy of about 80.


However, Singapore's Minister in the Prime Minister's Office Lim Boon Heng has indicated that the country may need to raise its retirement age to 68. Mr Lim who is also the minister in charge of issues on ageing in Singapore, cited Finland as an example, and will use this trip as an opportunity to study how the Finnish are dealing with their ageing population.

Mr Lim added there are areas that Singapore can emulate. One of which is to mobilise the elderly to organise themselves and form retirement communities that can provide mutual support and friendship.

Due to a higher life expectancy, we Singaporeans are supposed to work longer to ensure a retirement fee that would last us through 68 years old - 80 years old instead of 65 - 80. This may seem far for the young adults but it is still best to start saving up.