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Thread: Singapore wants older workers to continue working

  1. #141
    Senior Member Sion's Avatar
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    Default Re: Singapore wants older workers to continue working

    Quote Originally Posted by dkw View Post
    Could you kindly provide information on what the retirement age is for first world countries?
    If Australia can be counted as one of "first world countries", it's at 55 can withdraw 25% of superannuation tax free and the rest at 15% tax. If withdraw at 60 no tax or rollover to annuities also can.

    You can contribute to any superannuation fund you like and as many you like. The government doesn't have something like CPF in Singapore or EPF in Malaysia. The returns could be as high as 12% per annun for some years or negative growth for a few years depending on the economy. You could choose a mix of investment portfolio e.g. international shares, bonds, property trusts etc.

    But this complusory employers contributed superannuation only started something like 20years ago. Compared to Singapore and Malaysia they are playing a catch-up game in this aspect.

  2. #142
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    Default Re: Singapore wants older workers to continue working

    Quote Originally Posted by Sion View Post
    If Australia can be counted as one of "first world countries", it's at 55 can withdraw 25% of superannuation tax free and the rest at 15% tax. If withdraw at 60 no tax or rollover to annuities also can.

    You can contribute to any superannuation fund you like and as many you like. The government doesn't have something like CPF in Singapore or EPF in Malaysia. The returns could be as high as 12% per annun for some years or negative growth for a few years depending on the economy. You could choose a mix of investment portfolio e.g. international shares, bonds, property trusts etc.

    But this complusory employers contributed superannuation only started something like 20years ago. Compared to Singapore and Malaysia they are playing a catch-up game in this aspect.
    On top of that i don't see Aussies work harder than Singaporeans..they enjoy valuable family life and have lots of time to spend together wif frens..if u say they can even live longer than Singaporeans, I believe that..cos' they sleep earlier than most Singaporeans..for us, we are slogging during the day, and can oni meetup wif fren at nite after work..this could be a health issue oso..
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  3. #143

    Default Re: Singapore wants older workers to continue working

    Quote Originally Posted by ghost77 View Post
    Yes, on one hand, they saying these. On the other hand, they start increasing the GST to 7% reasoning that the economy is doing well now. On the other hand, they worry that the older propulation is getting higher and higher and worrying that the old folks couldn't take care of themselve if they don't work at the retirement age, they will have no cash to handle the high cost of living.
    I believe everybody has noticed that after the increase of the extra 2% GST, the hawker centre giving excuse to increase the cost of the food and drink even now the transport fees.
    Well didnt u read the papers, the survey done by the committee against GST profiteering shows only 0.6 percent of hawkers increased their price.... Frankly I dont know where on earth they got the results from. In some hawker centres I go to, prices of half the hawkers are up by 50 cents which is more than 20 percent increase. I write to the committee to enquire if this is right. They cannot even be bothered to reply me.

    Well GST of 2 percent to help the "poor", however at the same time, the poor cannot be given more money to help them as it will erode work ethics. Mmmmm where is this 2 percent going then???

  4. #144
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    Default Re: Singapore wants older workers to continue working

    Quote Originally Posted by centuryegg View Post
    Well didnt u read the papers, the survey done by the committee against GST profiteering shows only 0.6 percent of hawkers increased their price.... Frankly I dont know where on earth they got the results from. In some hawker centres I go to, prices of half the hawkers are up by 50 cents which is more than 20 percent increase. I write to the committee to enquire if this is right. They cannot even be bothered to reply me.

    Well GST of 2 percent to help the "poor", however at the same time, the poor cannot be given more money to help them as it will erode work ethics. Mmmmm where is this 2 percent going then???
    i never believe in Singapore media..

    Quote Originally Posted by OT
    on paper is 2%..but it will contribute to price hike..hence we maybe paying an addition of 6%-8%..annual wage increment doesn't even come near 4%..
    some bosses even give excuses economy still not doing well..but can afford to change bigger house and cars..
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  5. #145
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    Default Re: Singapore wants older workers to continue working

    Thinking of keeping your job for a long time?
    No, now all the job are by contract basis.
    Even LKY's son already emphasized no such thing as " Golden rice bowl". All the g-ment job are trying a way to outsource the staff in order to cut cost. So once you are out of job and you will find a job with lesser paid. How are you going to have huge sum of saving at the of your retirement age? SO, you have to continue working.

    Quote Originally Posted by deckard View Post
    yeah. I also suspect. the new law that force the company to keep you with slightly lower pay and reduced responsibilities. but smart companies will just find some excuse to terminate you before you reach that age lah. then the employer don't have to wreck his head trying to find simple job for you to do.

    that a young chap or pretty gal can do for a fraction of the price.
    Last edited by ghost77; 21st August 2007 at 01:42 PM. Reason: Typo error

  6. #146
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    Default Re: Singapore wants older workers to continue working

    I never believe what the paper said and the survey done. Just look around you and you will find what's happening around us. Unless we walk with our eyes closed.

    Quote Originally Posted by centuryegg View Post
    Well didnt u read the papers, the survey done by the committee against GST profiteering shows only 0.6 percent of hawkers increased their price.... Frankly I dont know where on earth they got the results from. In some hawker centres I go to, prices of half the hawkers are up by 50 cents which is more than 20 percent increase. I write to the committee to enquire if this is right. They cannot even be bothered to reply me.

    Well GST of 2 percent to help the "poor", however at the same time, the poor cannot be given more money to help them as it will erode work ethics. Mmmmm where is this 2 percent going then???

  7. #147
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    Default Re: Singapore wants older workers to continue working

    Quote Originally Posted by ghost77 View Post
    Thinking of keeping your job for a long time?
    No, now all the job are by contract basis.
    Even LKY's son already emphasized no such thing as " Golden rich blow". All the g-ment job are trying a way to outsource the staff in order to cut cost. So once you are out of job and you will find a job with lesser paid. How are you going to have huge sum of saving at the of your retirement age? SO, you have to continue working.
    Bro..i believe u mean "Golden rice bowl"...yeah, not many; in fact lesser and lesser..
    but some are just so fortunate to be born wif "Silverspoon"..

    Some conclusion:
    I'm not against that Singaporeans should not work when they grow older.
    I'm only against the age for CPF withdrawal should not be changed.
    There should be an option for the person to choose whether to retire or take up a lower paying position with simpler task offered by the company.
    I'm also worried the economy is not able to generate enough jobs for the younger generation.
    I'm also worried that children may ditch their parents since they can work(self-support) till they die.
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  8. #148
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    Default Re: Singapore wants older workers to continue working


    How har ?
    陳綺貞 2010 [夏季練習曲] 巡迴演唱會 Cheer Concert 13 Nov 2010 MAX Pavilion@Singapore Expo

  9. #149

    Default Re: Singapore wants older workers to continue working

    sorry guys, no more politics from me. now only post about other stuff.

  10. #150
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    Default Re: Singapore wants older workers to continue working

    Quote Originally Posted by deckard View Post
    sorry guys, no more politics from me. now only post about other stuff.
    Ok noted
    陳綺貞 2010 [夏季練習曲] 巡迴演唱會 Cheer Concert 13 Nov 2010 MAX Pavilion@Singapore Expo

  11. #151
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    Default Re: Singapore wants older workers to continue working

    Quote Originally Posted by deckard View Post
    sorry guys, no more politics from me. now only post about other stuff.
    noted..we can always do it privately..lol
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