How to keep Singaporeans working after 65

IN his May Day Rally speech yesterday, Prime Minister Lee Hsien Loong urged Singaporeans to continue working beyond the age of 65 and also supported ongoing tripartite talks on extending the re-employment age.

Particularly in a labour-tight economy, there is certainly merit in extending the re-employment age beyond 65 as many people can still contribute effectively beyond that age and should be allowed to do so; many remain hale and hearty, and sharp of mind as ever, well beyond their 60s. On a macro level, older Singaporeans with a regular income will also ease the financial strain of an ageing society on Singapore and younger generations.

This requires a strong pipeline of jobs though. Especially against the backdrop of economic restructuring, job creation becomes even more of a top government priority. Already, the ongoing restructuring drive for greater productivity and innovation has left a mark on the job market, with more people being made redundant - by automation, technology or even simply greater efficiency.