My dad retired at exactly age 55, his 55th birthday was his last day at work. He is on some kind of old pension scheme from which he receives a monthly payment. He is now 67. My dad complains of boredom of having nothing to do except for his morning exercise at East Coast where he gets to meet President Nathan once in a while. He also visits his grand children several times a week. Thank goodness our PAP leaders heard about this problem of old folks being bored after retirement, they have over the years worked out a system in which most citizens will not be able to retire at retirement age. Unlike citizens of other countries who become unproductive after retirement age, Singaporeans will be kept productive beyond their retirement age to provide for their golden years .....I used to think that the years after retirement are the golden years but apparently I'm wrong, when they talk about golden years they are talking about the period when you're in your 90s.
See the great economic progress we have made over the years. With more economic progress, we have to work longer and harder.
How did the PAP engineer such a wonderful system that allows its citizens to be productive well beyond retirement age? It took great ingenuity and innovation to get this done.
You see if the CPF which is a PROVIDENT FUND was kept strictly for the purpose of retirement and only for retirement, we would all be able to retire at retirement age. But the CPF was liberalised so that it can be used for housing, children's education , insurance etc ....it is used for everything under sun other than retirement!! Of course allowing citizens to use CPF to buy HDB flats means that HDB flats are affordable at higher market subsidised prices which allows the HDB to accumulate higher surpluses.
In a country where you can find so many who can't retire at retirement age, 40% of household who are worse of as the economy expands and a number of people who are crushed by the wheels of progress (like Mr. Tan who died at the MRT station) . We also have the highest number of millionaires (1% of our population).
To keep the system going, to keep Singaporeans productive beyond retirement age, we need a GST increase to remove whatever residual savings we have left so we feel more motivated to work harder....and there is no better motivation than the lack of money. For the 1% of the population who are millionaires including our esteemed ministers & for big corporations, an tax cut is planned ....the other 99% pay more GST to make this possible.
Singaporeans are so lucky. Unlike the unfortunate citizens of other countries who stop working at retirement age to do useless stuff like looking after grandchildren and strolling in the parks, we get to economically productive until the day we stop breathing.
Singaporeans need to work beyond retirement age to provide for their golden years
By Noor Mohd Aziz, Channel NewsAsia Posted: 28 November 2006 1552 hrs
Singaporeans have been urged to work past the legislated retirement to build up a nest egg for their golden years as the funds might not stretch long enough. Citing figures, the National Trades Union Congress Secretary General Lim Boon Heng said a high proportion of older workers have dropped out of the job market. That is why a tripartite committee comprising NTUC, the government and employers is studying how to help older Singaporeans find work and stay on working. Mr Lim said: "NTUC has long recognised this and therefore pushed for raising the effective retirement age. It is important to focus on the effective retirement age and not on the legislated retirement age. Currently our official retirement age is 62 but many drop out from the age of 55 years." - CNA/ch