Singaporean Forced to Work Until They Die?

Singapore's retirement age is going up, and it is not well received by the vast majority of people. Should this be the case, though?
In today's video, Mr Loo will go through the pros and cons of the rising retirement age.
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[@retrovox]

The truth is companies are not in favour of keeping old and expensive employees around for much longer. It affects their bottomline. Junior staff can't wait for their seniors to retire so that they have a chance to move up the corporate ladder. Management can't wait to get rid of old staff because they are no longer as efficient and productive as cheaper and younger staff. Once past 40, it's not easy to change job unless one is a rainmaker. On paper, this policy seems nice for the older workers, but actually it's hard to implement. What some companies do to get rid of older staff is to design jobs around their weaknesses, not strengths. In other words, quiet firing.

[@uncle_bcm982]

Totally agreed...unless one is some manual, labour work then companies will continue to employ...

[@goldbird86]

What if the management are the boomers themselves? Already drawing high pay yet productivity is not as high

[@retrovox]

@@goldbird86 i think the board of directors will oversee the management

[@KC-ir9iw]

Agreed. This looks good on paper. The reverse is actually happening (retiring early) via quiet firing via dubious job redesigning as they are deem expansive instead of leveraging on the experience.

[@ringotan5244]

Agreed!

[@franklim9672]

Singaporeans live up to 70 yrs, 80 yrs, 90 yrs and are still fit and healthy. The job becomes a past-time instead of idling around in coffee shops.

[@GlowofLife]

Nobody can stop you from retiring at any age you want if you have planned your retirement. Don't know what's the fuss 🙄

[@YMWong-cb6ke]

Yes, fully agreed. He who pay you is KING, he who is paid, is the SLAVE. This is basic common sense. No brainer.

[@yooong]

I have worked for a company for 20 years. Once an employee reaches retirement age, the company requires them to sign a yearly contract. However, signing this contract would mean losing the 20 years of seniority I have accumulated. This could potentially put me at risk of being retrenched by the company with a minimal severance package. Therefore, I support the increment.

[@liweiquek7382]

Why angry? Those who want to work, continue to work till 64 and longer. Those who want to rest, can retire at 64 and earlier.

[@jaelynlim8558]

@liweiquek7382 the angry ppl could be the more perceptive ones. Would the CPF Life eligibility payout age of 65 also be raised once the retirement age goes past 65? That can easily be justified on the grounds of increased longevity

[@leewmlee]

Sounds good on paper but it's not really a protection for older employees. It's just one excuse closed. But if company really want the person to quit, HR and mgrs can simply assign the person some very subjective goals, then during review period, give the person bad reviews.

[@teaelfl64]

Totally agree

[@nickng-jm1vk]

i think people kbkb is when they compare why last time most folks can afford to retire at 55 but now they have to work till 69. Average SG male life expectancy is 82 and survey shown the last 7 years of your life will be in and out of hospital with various medical issues, meaning all the shit start from 75. folks who retired at 55 can still enjoy 20 years of healthy life but at 69, u only left with 6 years of healthy life to enjoy, is it worth it?

[@ocswoodlands]

The fear about retirement age changes is ALWAYS regarding any implication to CPF. And the govt's recent "principled" changes to CPFSA worries people about their pot of money in CPF. Can we GUARANTEE (putting the age 55 to for cpf withdrawal in excess of BRS in the constitution will be good enough) that later there wont be another "principled" change to align cpf withdrawal age to retirement?? Nowadays, I look at the word "principled" with suspicion....

[@jaelynlim8558]

@ocswoodlands only takes two thirds majority to amend the Constitution, easily achievable with the party whip

[@viper88448]

Sir, is only matter of time they delete OA and delete FRS and force everyone to be in the PONZI scheme of ERS.

[@swimlah]

Sometimes I don’t even feel like commenting on the policies now (not all bad) but need to be more flexible. Policymakers are now too aloof to feel what the people are going through 😮‍💨

[@bernardwong913]

When Government sets Retirement Age, the CPF payout from Retirement Account will match the definition. People who quit and retire earlier before the defined Retirement Age will not be able to get their payout from CPF Life.

[@kenneth.lim3390]

This. I believe this is precisely the reason why people are angry whenever they increase the Retirement Age. Changing the Retirement Age might very well be the precursor to changing the CPF drawdown age.

[@squiggy18]

I suggest you go check CPF policy instead of speculating like this.

[@bennettan4245]

What to do? In SG, the government can pass a legislative amendment easily in parliament irrespective of objections from the common people unlike elsewhere. So if u r rich enough, do get a 2nd passport elsewhere. I have always encouraged my children to do so

[@yooong]

I plan to continue working past the age of 63. This change will allow me to work under the current employment terms instead of having to renew my contract each year, which will give me better security and benefits.

[@williamtan6608]

Any SRS member, regardless whether he is a foreigner or not, may withdraw his SRS without penalties at the age of 62, *if that is the statutory retirement age prevailing at the time of his first contribution.* So for those who already contributed, they should be fine (unless there are future changes / new conditions...). But for for those who are still studying, this change will affect them.

[@vyzan]

Hi Mr Loo, I see this as a good policy as everyone is not on the pensions scheme and anyone can retire or fire their bosses. Most can't retire because they invested too much of their income on property and poor financial literacy although most Singaporean earns a high income. 😊

[@andersonleong474]

What's more worried is whether CPF life payout age shift to 70 later. This will be a devastating nightmare!

[@randomterror7]

As much as I hate it, it’s going to come man. The average Singaporean is going to live till 90 in the coming years. Cpf life can’t afford to pay for 25 years for the average person without reducing the payout amount (or increase frs significantly).

[@bennettan4245]

That's the greatest fear that grips all Singaporeans. So if u rich enough, please get a 2nd passport elsewhere

[@lynnchua1890]

I believe that they will be moving the goal post for CPF again… sigh

[@daysbyrisa]

Don’t quite understand about the social pressure aspect. I think people who can afford to retire early without financial pressure to do whatever they want are the winners of this rat race. That said, I think this policy may have a knock on impact to the young generation where their opportunities are limited simply because the more senior folks just don’t leave the workforce. 😢

[@david888a]

That’s very true on your 2nd point,,,older worker should retire early that will free up openings for the younger generation

[@limtc1733]

Enough money can retire. Healthy years cannot earn back.

[@vvvv5287]

Quit when your mind or body says “enough”

[@sgboon]

Then pocket not enough how?

[@TheMawashigeri]

Then work la,nobody's stopping you ​@@sgboon

[@zerodegreescelsius]

My suspicion is that the government needs to delay the withdrawal of CPF at retirement so that they can hold on to more money. The announcement about the delay in CPF/SRS withdrawals is likely a matter of when, not if.

[@phongy45]

Is good news . .. by the way, any news is always bad ... People are easily influenced by people who don't want Singapore progress ... If the government now says , retire by 55 ... You think people will be happy ? ...

[@J-Young_photography]

the problem is that there are no decent jobs for aging Singaporeans. only low-end job left for us. most of us were office workers here. while when we aged we ended up doing low-end jobs. the issue is we can't access to our CPF money after we want to declare early retirement. they push up the retirement age means you can't access to your cpf for an additional year. I think most people address the issue wrongly. it is about can or can't it is about when you can get access to your CPF money. the best way to retire is to rent our home in Singapore in other lower costing countries nearby.

[@annahuilang]

U are fantastic, always explain the concept so well. I m in the camp of the new policy, thumbs UP

[@1m65]

Thank u very much

[@cheekeongtan6651]

One has a choice not to work from 64 onwards. No one is forced to continue working.

[@J-Young_photography]

provide you have cash flow and not eating into your saving. who doesn't want to retire early?

[@stevenyip2631]

​@@J-Young_photography I thought that's why the government doing to help you continue to work.

[@AleksiIvanov-kz5yb]

another so hai thinking..

[@compass_128]

Agreed

[@compass_128]

@cheekeongtan6651 totally agree

[@stephenang499]

In fact it is the companies should who should be the one's who are unhappy, now they cannot dismiss you without reason before you hit 64.

[@teaelfl64]

Who say cannot? Frame you, set you up, play dirty tricks and threaten you etc. Wait till you meet one such company

[@luxury-Diver]

Why not? They could always assign jobs that is beyond the capability. Then issue PIP, followed by dismissal

[@Utube1024]

This only good for people working as civil servant. Private company would ask the people in the 50's go for Early Retirement like the american MNC I worked the last time. There is nothing the people can do even the labor law cannot protect them. Minimum one month notice either side.

[@tanpengjoo7205]

Those who are high income will never understand these groups how they make ends meet if one who are better off don't teach others how to save or work hard . Any policies changing when money and financial are concern they better off and super rich will never understand how is like to be in that group . U can explained but can't help those who are getting tougher and tougher when these changes take place.

[@bettaman8702]

As long as govt don't increase the CPF Life PEA, I don't really care.

[@StMarc-ow4wz]

The government is going to increase the Medishield premium under the pretext of providing wider coverage of disease.

[@ycyken]

Personally, I want to work until I really cannot work anymore. It’s very boring to play everyday and I really love working

[@compass_128]

This goverment policy is helping the workers (not the employers). Workers can stop work anytime, up to the workers

[@64ytb]

I hope to retire when I reach 62, if I can achieve financial freedom. I am not lazy, i have better things to do. I don't want to retire when my body cannot move anymore, then just wait to die. No meaning.

[@Fiona20238]

The company still determines if one has the health to carry on with the job which means companies still have the final say. They could contract u to a foreign branch for a year or a few months then refused to re-hire when the overseas contract ended.

[@nixonlee1674]

I am more concern will company still want to employ me at this age

[@yavsankok5098]

Total agreed with Mr. Loo. People who kpkb about recent change in retirement age....if you are not happy about it, you can always resign and retire immediately...

[@Xamael666]

Think the widespread anger is due to misconception that the retirement age is somehow tied to the CPF withdrawal age....While at this point it is misconstrued, it's better NOT to have too much money in CPF given the recent closure of CPF SA & even possible shifting goalpost in future for the CPF withdrawal age due to our aging population....There are alot of avenues to invest OUTSIDE of CPF, so best to take advantage of them

[@TC-hq1gh]

Read between the lines to understand why some people are upset. It's not merely about the choice to quit or continue freely. Perhaps they're sensing the expectation to work until very old age when the body craves rest (after working for 40 yrs) and the heart longs to pursue personal interests or hobbies. Some people are losing hope and feeling helpless now. Many secretly hope those in power can come out with something, to help Singaporeans, retire without worrying about basic needs and high medical expenditure at old age.

[@LeeSkJohn-sv8wi]

The problem is how to minimise the gov from controlling your money by changing policies as though it's their money.

[@FoodieWarrior]

Goes to show majority of people hate their jobs. 😅

[@R6ex]

Work, NS and schooling all sucks! Pre-school and post-retirement are the best days of my life! 😎

[@winstontoh6346]

This was announced way back in 2020 so this should not come as a surprise. One round of change has occurred in 2022 and now again in 2024. Why the sudden angst over the planned increase in retirement age? Is it because of the announcement of the closure of the CPF SA account recently? Now people are starting to link any future CPF changes to the increased Retirement Age. Kind of worrying as another case of 'Moving the Goalpost' in another 'Principled' approach in the future. Then it really becomes a case of CPF's fulfilment of 'can see but cannot touch'.

[@micTie7774]

With the increase of retirement age, the next thing the government will do is to delay CPF withdrawal age correspondingly. If that happens, I bet it will be delayed till 58 or 60, no longer 55....

[@ahtan723]

Thank you Mr. Loo for the clarification. It is easy to KPKB than to read the content of the law

[@jasonlai1892]

Some bosses prefer single. young, no NS obligation. Doesnt need to take few months of leave to cover her duty. Worse, have to employ temp. to do it again next year or after. And full of drive and passion and hunger for job. Foreigners is a good fit. I wont feel social pressure in retiring at 51. I am free to plan my day, go where i want, still hunger looking for more money. My neighbors did find it strange that i could do so. I not going to work till i go nursing home and drop dead. Life is too short for that. There are plenty of life out there beside slogging for the bosses/ managers to advance their wealth/ careers.

[@limliza992]

Raise retirement age, why close SA at 55? Why not close it at 64? Then, get CPF life payout from 65.

[@88_JJW_88]

companies can ask you to leave anytime. what is retrenchment?

[@david888a]

Severance packages! I would love the co to retrench me when I m at age 64 ,get the package n then retire , co will b crazy to do that,isn’t it?

[@weechungsoon]

There is no downside at all, unlike the old pension system whereby it is more beneficial for employees to retire early to get retirement benefits.

[@user-hq6gq1cp8d]

The lifespan of 84 yo is due to Singaporeans who retired at 55 yo 30 years ago! According to an American study, people who retire at 65 would die within 2 years!

[@misskaching3424]

Agree! Finding happiness in what we do should be our priority! There is a saying,” When you do what you like and you are proficient in it, you are in the element!” Thanks Mr. Loo for this reminder!

[@1m65]

😊

[@sydralz]

SRS withdrawals are tagged to the statutory retirement age. Any withdrawal before that (the statutory retirement age that was prevailing when you made your first SRS contribution) will incur a 5% withdrawal penalty, and 100% of the amount withdrawn will be subject to tax. Currently, SRS retirement age is already tagged to the current retirement age, that is 63 (provided you haven't made your first contribution). But of course, the government may decide in the future to standardize everybody's "retirement age", if they deem appropriate to do so. As for CPF Life payout age, although unlikely in the short term, it is definitely possible to be shifted in the future, especially as our life expectancy increases. This will happen if the CPF Life pool is unable to keep up with the fact that more people are living longer and longer.

[@mjmf1430]

Withdrawal of retirement amount will be delayed when retirement age is extended. This is bad for those who thought they could start monthly draw out at age 62, now this will be postponed to a few years later. I guess one can’t have the cake (protect seniors’s jobs by extending retirement age) and eat it (draw out retirement monies before retirement age)

[@annagoh2527]

Company can annouce restructuring and retrench old aged and expensive worker so increasing retirement is not effective at all except for Govt stat boards that do not lay off people right?

[@nicholastam6198]

I wonder how many Singaporean knew that US has no retirement age. You can work as long as you want. If you have enough, just quit

[@Tempest-Proteus]

Actually, it's the statutory boards that are the big culprits who dont want to hire retrenched and out of job unemployed citizens over 60years old and if hired, one only gets labour intensive low paying jobs instead of leveraging on the valuable experiences of the senior citizens. I am saying it from experience.

[@gohippo]

The SRS payout has already moved from 62 to 63 yrs old. I still think in longer term, policy change risk towards cpf payout age is still valid.

[@DenHeart]

increase retirement age ok, if the increase of the withdrawal age of CPF, PAP will not get my vote next term.

[@eawtan]

People would perceive the increase in retirement age will mean that CPF payout age will be inevitably increased as well. I wonder if there is any past historical correlation.

[@aaraonhon]

It’s a good move as there are many strong and enabled individuals who like their job and wants to continue on working

[@gnome1645]

You didn’t get what people said. What they meant was want to retire but not enough money to retire due to low wages, inflation , high medical cost, GST etc. That’swhy work until death.

[@peterlow3654]

What social pressure, if you can retiree early with financial independence you are lucky. After reach the target, you can choose what you like. Yes agreed on worry on cpf policy change if retire ment age change

[@annagoh2527]

It's just to press company to continue offering employment opportunities to older aged worker. It's up to you if you want to retire or not so I guess no harm right?

[@sgcitizen1063]

How to quit when cost of living is so high? GST is the killer as it compounded everything on to the poor working class.

[@Ann-ig6hj]

This made me recall the protest in France when president Macron increased the age from 60 to 62, the result is the city of Paris stink after all cleaners stopped work nobody clear the rubbish for many many weeks. Or months? Resign is different from retirement because only retirement will get retirement benefits, resign or quit your job get nothing.

[@marktn9851]

I’m more concerned abt policy-makers creating scenarios so as to justify shifting policies to take more from the clueless masses.

[@tehyenyen]

Actually if a person dont work, they die faster because their brain, muscles, body are going to be lazier and useless. Even if you want to enjoy your life, can you be spending and spending money to enjoy. Dont tell me spending time at home only is enjoying life. How to spend your time without spending your money?

[@ringotan5244]

Government support, very good, take care of people! Company only take it as reference only, they normally ask you to go before 69 for cost saving purposes.

[@heavenlymessager]

Those who cry father cry mother are basically crying father and crying mother for the sake of it. Nobody stopping you from quitting!

[@marcuswong6263]

Empty vessels make the most noise as they say.😂😂

[@dovetofree]

Its true ppl are skeptical abt any "goodies" given by govt due to past experiences. The recent SA removal actually make some ppl lose their trust in the govt and even more uncertain abt their future with changes that jeopardise their planning

[@enghockchua8230]

i think it is more important to listen to individual's body, it doesn't mean one has to retire at 64 if at 50, one is already hit by lots of illness. Every individual determines when you want to retire. Most important thing is to eliminate debts as early as possible, my guide, get rid of all debts by around 45 years old.

[@edwinwee267]

Well said, Mr . Loo. Pls continue to educate. This is well intended policy.

[@neutraluser4019]

Maybe you are not working thus you do not know that there are companies will not give out retirement awards if you did not reach official retirement age. So if you "retire" earlier at 63, then is consider as resignation.

[@tanhakkoon]

No need to force, by pump up inflation (via property sector) a lot of senior saving will auto deflated and need to work until die if one still want to do nothing in SG.

[@JJ-iu6sr]

Retirement age is just a guide. In fact it should benefit older workers who have to or want to work longer, because the employer cannot "anyhow" fire them. And if one thinks he/she can stop working already even at 40s, or have reached FIRE, then do it.

[@YMWong-cb6ke]

Who cares what is the retirement age in Singapore. If you plan your life well, you can retire anytime when you feel comfortable to do so financially. What has CPF got to do with retirement age? There is no change. If you are 55 years old and has meets the full retirement sum, any excess in your CPF (SA or OA), you are allow to withdraw any amount or all balances if you want. They will start your monthly payout when you reach 65 years. No change. Sleep well.

[@janelee3754]

Why not? I am happy that I can continue to work so long I am fit to work.

[@ChrisTang787]

A lot of people didn’t know there is no such thing as retirement benefits in sg. They think retirees will get mandatory retirement payouts .

[@64ytb]

Regarding social pressure., I think the opposite will happen. People who can afford to retire earlier, will be admired. Wah, you can retire earlier than me, so good life. I still have to work until cannot work because money not enough.

[@boonleongteo8683]

Medisave is due for contributions up to age 65 so Expect the full retirement Age is 65 and extended retirement Age till 72 coming next few years Govt may give out handouts if you continue on contributions till 65 to 72 years old...

[@LilXind]

Great sharing. Please continue to educate so that more can see a bigger picture of things.

[@f13688]

Thoughts SHOULD BE GIVEN to Singaporeans on such matters instead of SPENDING Plenty of MILLIONS of dollars on Billionaire Singer Show in Singapore, agitating neighbouring countries 👎

[@limliza992]

I don't mind continue working as long as I can. I also like to have quality life at golden age when I am fit.

[@mikekong6379]

if given a choice I believe majority would not like to work till 64/65, we wish to retire early and do things we like and enjoy. The msg the gov is bringing across is it is ok to work till 64-70 and I think that does not resonance well to what we are thinking. While many is enjoying their work, likely majority is at the opposite end.

[@linuxnewbie74]

Thereafter, will the cpf RA payout age increase due to this?

[@JO-fs9di]

I tot they already said .. it will not increase the payout age. I don't know why people making a big fuss...it is a choice whether you wanna continue working... Govt try to facilitate and protect you.. cpf withdrawal no change.. people dun understand or they just blame everything for everything.... Sigh 😊

[@MargaretLoo-hg1of]

Yes i dont know why people always react negatively to any govt"s policy without understanding what it is all about first. They did not say to increase retirement payout age😢 for now.

[@kenneth.lim3390]

Problem is most see this as a precursor to that and I personally think it will come.

[@Star-008]

Singaporeans are very well informed and there's no misconception. They're aware that one can stop working anytime before the official retirement age. It is also not about them hating their job because they can quit or change jobs anytime they wish. The reason lies in their kiasuism which is a prominent cultural trait of Singapore that encompasses greed, selfishness, and inconsiderate behavior. They're afraid that others who choose to continue working till the very end would accumulate more money than them. At the same time, they know that working till 69 means very few years left to enjoy life. This dilemma makes them very angry.

[@marjaniminty8543]

That's being very sad and silly. To be jealous of others working till 69 years & reaping larger CPF savings than theirs is just self-inflicted misery.

[@sychoxxxx]

Thanksnfor the educating video

[@williamtan6608]

While one perspective is that this change gives us “choice”, another perspective is what is the underlying condition that necessitates this increase in retirement age? And what are the implications if at least some (or in an arms race situation - more) take up this “choice”?

[@user-jo2xe5uf4h]

so true. Mr Loo is right

[@stevenheng3336]

Pap has to show example of employing old people b4 asking other companies to do so

[@AK-xk6ch]

No good paying jobs for locals. What is the use of increasing retirement age?

[@twong6531]

Retirement age go up, so what. These days, Singaporeans at 45+ already have their careers ending.

[@jamesee3929]

Lost of confidence after abrupt closure of SA

[@seeker9912]

Mr Loo is making a .mistake looking at this policy in isolation. People need to work longer because many things the govt does causes the cost of living to rise and retirement to be unaffordable. While this policy when taken in isolation gives Siingaporeans flexibility to work longer, it is actually driven by the need for many Singaporeans to work longer due to cost of living issues...that is why Singaporeans are angry. Mr Loo fails to empathise because he was a CEO not one of those struggling with low income in the world's most expensive city.

[@eduardoking8402]

The retirement age in Canada is 65. So 64 in Singapore is still better.

[@mohdpolaris3403]

I think peoples now realize that inflation will sabotage their savings so cant enjoy retirement life style hence must continue working to save more

[@manchu-qu9mw]

No meaning will curse and swear at the policy. Money cannot buy time precious time. So long just financial comfortable, better to be free from the greed. Unless those really poor, I feel sad and sorry to them. I disdain those who had the comfortable sum and in their late sixties and wants to work for more money.

[@sgboon]

Mr Lu, how will you react if the CPF drawdown age shifts in the future?

[@micTie7774]

Mr Loo, does your companies ever hired candidates or looking to hire candidates above 50 or 60 years old? On paper, this is a good policy in giving people option to work longer, however in reality, it's a different story: 1. A friend who is in her early 60s was asked by her employer to work on part time basis as a start , but subsequently she had to resign. 2. When head hunters/recruiters find out the age of potential candidate who is over 50 years old, you won't hear from them anymore. Is there any published statistics indicating employers are still hiring candidates over 50 or 60 years old ? 😅

[@1m65]

Yes we have many staff above 50 and a few above 60s.

[@jsphua]

My ex-Company refuse to pay me pension becaue retirement age has increase.

[@user-iz2hz2sh6g]

Your company good. I wanna join. Can tell me the name?

[@jsphua]

You are late. Most of the benefits has been removed.

[@cathhl2440]

They assume the Govt is always doing something to make Singaporeans miserable. Very sad... Poverty mindset. If you are still bothered about face-issue at 60 plus... goodness... I will be super shocked and upset if they change the CPF draw out age.

[@user-tw7wd4vr4z]

Worried they might delay our cpf withdrawal age again,they did in the pass

[@vincensiaxiuqingwu4126]

As long as our body is still healthy , it’s good to stay active👍🏻

[@ryanyoutube7315]

Didn't save enough or things getting too expensive? Like housing. Etc. Maybe looking at bigger picture

[@limliza992]

Why succumb to social pressure? Decide on your own. Do what you like. No need to be under employment, work for yourself.

[@goldbird86]

Social pressure are call face value and boomers like face alot

[@vulcanken1273]

Will the govt stop company from retrenching staff beyond 45 when HR policy is to maintain younger staff to ensure the company can be dynamic and to keep staff cost lower. Get the govt to lead by example to keep senior citizens. The policy is not a positive advantage as many economic situation is on the downward move when the govt do not control the cost of living increasing further like higher GST. Retirement is not always by choice by physically and mental alertness decline as one age. PAP seem to devise a sugar cane juice policy towards governance when they do prioritize social welfare and people’s well being instead it’s all about profits. Yet they incurred must losses in overseas investment.