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Singaporeans not ready for retirement?

JobStreet.com survey report

A few years back when the population in Singapore was still around 4 million, it was said that one in 12 Singaporeans are older than 65 years old. Now the ratio has changed that one out of 5 Singaporeans will be 65 years old and above by the year 2030.

Online recruitment service JobStreet.com conducted the survey to find out how senior workers in Singapore are prepared for retirement.

150 local employers and 1400 workers who are above 40 years old took part in the survey.

"Retirement" seems to have become a thing of past under this aging population with the result of 6 in 10 Singaporeans’ intending to continue working beyond 60 years age.

Here are the key findings:

1) 58% of workers want to keep working even after reaching retirement age.

2) 12% of workers plan to ask for employment extension at the same company that they have been working for.

3) 87% of employers responded that they are open to postponing the retirement of existing workers.

4) 69% of employers even indicated that they would offer the same remuneration and benefits upon re-employment of the retired staff.

5) 88% of employers are willing to hire seniors aged 50 and above.

6) Almost all participants believe that they can contribute meaningfully beyond retirement. Only 9% plan to wrop working completely.

7) The reasons of keeping working after retirement age are: 37% is to manage their own finances, and 32% is to maintain their healthy mind and body.

8) 75% workers prefer part-time or project based employment to achieve a better work-life balance after retirement.