With the increase in life expectancy in Singapore, senior workers are considering to postpone their retirement beyond the country’s statutory minimum retirement age of 62 years old. JobStreet.com recently conducted a survey to find out if employers in Singapore are willing to accommodate them. Responses were gathered from 150 employers and 1,400 Singaporean workers aged 40 years and above . The survey was conducted in March.
58% of workers indicated they plan to continue working after they reached retirement. 12% said they preferred to continue working with their current employers and would ask for an employment extension.
88% of employers said that they are willing to consider hiring seniors aged 50 years and above.
Ability to manage finances is key
37% of workers surveyed said being able to manage their finances was the main reason why they would want to continue working beyond their retirement age. 32% said it was to maintain a healthy body and mind.
75% said they preferred part time or project based employment to achieve a better work-life balance after retirement.
88% said that they were willing to apply for jobs that they are overqualified for, indicating that career advancement was not a priority for these seniors.
To complement this, 87% of employers said that they would consider hiring senior candidates who were over qualified for the positions. 50% of employers also said that they were willing to offer part-time and contract based re-employment for retirees.
55% said they would require at least $500,000 to retire.