The cost of living in Singapore has indeed been rising steadily over the years, with inflation affecting various aspects of daily life, including housing, healthcare, and transportation. This inflationary pressure can place a financial burden on retirees, potentially driving them to seek employment opportunities to supplement their retirement savings.
SINGAPORE: Latest statistics released by the Ministry of Manpower have revealed that the labor force participation rate among residents aged 60 to 64 in Singapore has reached its highest level since 2012.
The increase in labor force participation among older residents is seen as a positive trend by some HR analysts, who believe that employing older staff can enhance a company’s reputation. The experience and loyalty demonstrated by older employees who have stayed with a company for a significant period of time are seen as valuable assets that can contribute to the success of the organization.
In recent years, the Singaporean government has implemented various measures to promote the employment of older workers and create comfortable working environments tailored to their needs. These initiatives include flexible work arrangements, age-friendly workplace practices, and retraining programs to equip older employees with updated skills.
Additionally, the rising life expectancy in Singapore has led to longer retirement periods, increasing the need for financial security during these extended years. With increased life expectancy comes a greater reliance on personal savings and retirement funds, which may not be sufficient for some individuals.
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