Well, Mr Tan, I agree that anyone who wants to work ( opposed to needs to work ) should work as long as they want too!
Here, in Singapore, anecdotal evidence suggests that employers prefer younger people. Maybe its the type of industry that Singapore has embraced to allow a faster economic growth : tourism, conventions, events and pharmaceuticals. These sectors require nimble,and physically agile people with bright teeth flashing with trendy clothes to complete a picture of energy.
Many people above 50+ have yellow teeth and paunches with failing eyesight: this image does not promote energy.
There is not enough businesses that deal with the silver haired baby boomers.. it is a neglected sector.
So, how can there be employment of people above 50yrs?.. a mere 1% is clearly inadequate when the aging group is expected to exceed 25% by 2025!
Currently, getting employers to retain aging employees ( even on reduced salaries and benefits ) is forcing it.
Many gahments in recent years have launched a new strategy, “extending retirement age”. For example, a policy in Britain called “Building a society For All Ages”, has been proposed to help prepare for Britain’s aging population, which could see the retirement age extended beyond 65. I think that the recent poor economic circumstance is the most critical reason. Also could it be population not reproducing itself, brain drain etc....
For some countries, there are problems about meeting shortfalls in their pension funds tied to Equities etc. that were bashed and bruised during the Financial crisis.
Extending the retirement age means more taxes to be collected.
But some companies would rather see the vancancies of retirees be shared or outsourced elsewhere.
Many business here are focused on products that require younger people: Event hosting,lanscaping, cleaning,customer services,food and beverage, manufacturing, car sales.. there are not many products that require 50yr olds to sell or service. maybe insurance sales ( ha! ha! )
I think many managers & executives would like to work beyond 55 but then suitable jobs are not avilable once you are out of job. This is a irony of modern economy that even the smartest think-tanks cannot come up with solutions, except Re-train, retrain until you die. No more problem.
Retrain what? how to do appraisals? How to manage projects? how to use a spade? How to submit forms that has been redesigned?
And after that?.. tell another employer that you are certified in using a spade in another way? and they are expected to say: "wow! great!.. you have the certification that I need! welcome aboard!"
Absolute fantasy.
I always believed that my skills was in analyzing and coming up with solutions and being decisive. With the added value of experience. Could I be 'certified' for that?
Well, Mr Tan, I agree that anyone who wants to work ( opposed to needs to work ) should work as long as they want too!
ReplyDeleteHere, in Singapore, anecdotal evidence suggests that employers prefer younger people. Maybe its the type of industry that Singapore has embraced to allow a faster economic growth : tourism, conventions, events and pharmaceuticals.
These sectors require nimble,and physically agile people with bright teeth flashing with trendy clothes to complete a picture of energy.
Many people above 50+ have yellow teeth and paunches with failing eyesight: this image does not promote energy.
There is not enough businesses that deal with the silver haired baby boomers.. it is a neglected sector.
So, how can there be employment of people above 50yrs?.. a mere 1% is clearly inadequate when the aging group is expected to exceed 25% by 2025!
Currently, getting employers to retain aging employees ( even on reduced salaries and benefits ) is forcing it.
Many gahments in recent years have launched a new strategy, “extending retirement age”. For example, a policy in Britain called “Building a society For All Ages”, has been proposed to help prepare for Britain’s aging population, which could see the retirement age extended beyond 65. I think that the recent poor economic circumstance is the most critical reason. Also could it be population not reproducing itself,
ReplyDeletebrain drain etc....
For some countries, there are problems about meeting shortfalls in their pension funds tied to Equities etc. that were bashed and bruised during the Financial crisis.
Extending the retirement age means more taxes to be collected.
But some companies would rather see the vancancies of retirees be shared or outsourced elsewhere.
Willing retirees,reluctant bosses....no thanks for extending retirement.
ReplyDeleteSome companies think retirees are burdent rather as an asset!
high medical cost, slow responses and weakness to adapt are all fear factors.
Many business here are focused on products that require younger people: Event hosting,lanscaping, cleaning,customer services,food and beverage, manufacturing, car sales.. there are not many products that require 50yr olds to sell or service. maybe insurance sales ( ha! ha! )
ReplyDeleteOn one hand it is good to extend the retirement age and on the other hand, companies may downsize or disappear if they do not want older retirees.
ReplyDeleteI think many managers & executives would like to work beyond 55 but then suitable jobs are not avilable once you are out of job.
ReplyDeleteThis is a irony of modern economy that even the smartest think-tanks cannot come up with solutions, except Re-train, retrain until you die. No more problem.
Retrain what? how to do appraisals?
ReplyDeleteHow to manage projects? how to use a spade? How to submit forms that has been redesigned?
And after that?.. tell another employer that you are certified in using a spade in another way? and they are expected to say: "wow! great!.. you have the certification that I need! welcome aboard!"
Absolute fantasy.
I always believed that my skills was in analyzing and coming up with solutions and being decisive.
With the added value of experience.
Could I be 'certified' for that?