How Can Employees in Singapore Deal with Rising Retirement and Re-Employment Ages?

As Singapore continues to evolve and adapt to the changing dynamics of the global workforce, one significant transformation is the increasing retirement and re-employment ages. With people living longer and staying healthier, the government has recognised the need to adjust retirement policies to ensure financial stability and security for all citizens.

A joint survey conducted by PAP Seniors Group (PAPSG) and the National Trades Union Congress U Women and Family (NTUC U WAF) found that nearly all Singaporeans want these changes.

So, how can employees in Singapore deal with the rising retirement and re-employment ages?

1. Embrace Lifelong Learning

With retirement ages on the rise, employees need to commit to continuous learning and development throughout their careers. Consider enrolling in courses or workshops that can enhance your skills and keep you up to date with industry trends. According to the survey, this commitment to learning aligns with the desires of most Singaporeans.

2. Staying Relevant and Managing Expectations

It is important that your younger colleagues or co-workers can see value in your experience and knowledge and such transfer can be made possible if they find themselves able to connect with you through similar topics or see that efforts are made to blend in, despite the age gap. Expectations that have worked in the past or are working currently may not be the best working formula in the future. This could help an individual adopt new practices and be more exposed to an inclusive working environment.

3. Stay Financially Savvy

The extended working years mean that financial planning becomes even more critical. Employees should actively manage their finances, including savings, investments, and retirement accounts. Seek advice from financial experts to ensure your financial goals align with the new retirement age requirements. According to the same survey, Singaporeans are recognising the importance of financial planning in this changing landscape.

4. Maintain Good Health and Well-Being

A longer career requires good health and well-being. Prioritise your physical and mental health by adopting a healthy lifestyle. Regular exercise, balanced nutrition, and stress management techniques can go a long way in ensuring you can stay productive and engaged at work, even as you age.

5.  Update Your Career Goals

With an extended career ahead, it is an excellent time to re-evaluate your career goals and aspirations. Are you still passionate about your current role, or is there a new path you would like to explore? Set clear and realistic career goals and discuss them with your employer to align your aspirations with the organisation’s needs.

6. Network and Mentorship

Building a strong professional network and seeking mentorship opportunities can be particularly valuable as you progress in your career. Connect with colleagues, industry peers, and mentors who can provide guidance and support throughout your extended working life.

7. Understand Your Rights and Benefits

Familiarise yourself with the re-employment policies and benefits offered by your organisation and the government. Knowing your rights and entitlements will help you make informed decisions about your career, retirement, and re-employment options.

8. Embrace Flexibility

As retirement ages increase, organisations are likely to adopt more flexible work arrangements. Embrace the flexibility to balance work and personal life effectively. Explore options such as remote work, part-time schedules, or job-sharing if they align with your needs and preferences.

9. Seek Professional Advice

If you have concerns or questions about how the rising retirement and re-employment ages may impact your career, consider seeking advice from HR professionals or career counsellors. They can provide insights and strategies tailored to your specific situation.