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Tuesday, September 27, 2022
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MORE RETIREES IN S’PORE RETURN TO WORK, DUE TO RISING COSTS OF LIVING & LACK OF MANPOWER

More retirees are returning to work in some sectors, with Singapore dealing with inflation and rising costs of living, due to circumstances around the world, according to Channel NewsAsia on 10 August.

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A 65-year-old who works at a hotel as a kitchen steward told CNA that Singapore is “not a cheap place to live”, and added that he has to continue working to support his daily life and pay his bills.

He had previously retired from his last job 12 years ago and is now 3 months into his new job.

CNA reported that about 75% of older workers in Singapore intend to work past the retirement age of 63, citing a study by Milieu Insight.

The Ministry of Manpower also raised the retirement age to 63, and the re-employment age to 68; with employers being foreseen to be looking toward more experienced employees, according to The Straits Times.

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They said that they believe older and skilled workers will be encouraged to rejoin the workforce due to a need for them.

CNA also reported that over 90% of eligible seniors have been offered re-employment at 62 years old.

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