Minister Mentor Lee kuan Yew mention that from 2012 onwards, employers in Singapore will have to offer workers re-employment when they hit the retirement age of 62 as long they must demonstrate satisfactory work performance in the three years prior to retirement and be medically fit to continue working. He also added that after they accounted for about 4 per cent of the total workforce, the public service is the largest employer in Singapore.
Therefore, Public service agencies will have to offer re-employment to workers who have reached retirement age which effect from July 2011. Moreover, MM Lee said that by this the senior citizen will be able to remain economically productive and be meaningfully engaged in their golden years and though they may have aches and pains but they can keep going till they expired.
Traditionally, retirement is an age where one is able to stop working, collect a pension and to take time to smell the roses and to take care of their grandchildren but in letting the senior citizen to work after retirement age is an encouragement, as long as they can work and they are happy. Furthermore, it is a healthy lifestyle and they would be able to enjoy what they do and be able to pursue the experiences they want to until the day they move on from this world.
Base on my opinion/views, everyone have their own choice to choose to retire or to stop working if one has enough money to last them the rest of their lives. In theory everyone can, but in practice, it’s quite challenging because there are too many variables involved.
First of all, we cannot know for certain our life expectancies and health status over time and thus how much we need for lifestyle expenses and medical expenses. Secondly, CPF may not be enough for many of Singaporean as most their ordinary account money locked up in their homes and the remainder special account money are not sufficient for minimum sum.
How then for the senior citizen to stop working if money is not yet enough to retire?
Hence, by offer re-employment to workers who have reached retirement age will help them to continue with their career as long they can accumulate the savings that may bring them closer to target of financial freedom. (Savings for rainy days)