Tan Kin Lian's Blog: No retirement age

Thursday, July 29, 2010

No retirement age

Mr. Lee Kuan Yew said that old people should continue to work. He quoted himself as an example.

My view
If old people in Singapore can earn $3 million a year, they would not mind working until they are 100 years old!

Here is another person's view.

18 comments:

Concerned said...: No need S$3 million a year, just 10% of it i.e. S$300,000/= per year and you can see all old folk home will be empty.; July 28, 2010 11:54 PM
Chee Ming said...: I guess the only time one can truly stop working in Singapore is when there's the "Rest In Peace" marking on a stone tablet, which is commonly called tombstone.; July 29, 2010 12:17 AM
Unknown said...: LKY's annual salary is $3m. Does this amount include the pension he is drawing!?; July 29, 2010 4:49 AM
Lye Khuen Way said...: Actually, for 10% of that kind of remuneration, I would too ! Never mind about the additional benefits of a pensioner.

Just my fantasy....; July 29, 2010 6:39 AM
michael13 said...: MM Lee's statement is unfortunate, arrogant and contradictory. It ignore the plight of ordinary Singaporeans. By and large, he has lost touch in a reality of Today's Singapore. Worse still, the people can view it (in the context of the whole statement as reported in the Press) as an insult to their intelligence. It may cause another unnecessary backlash although he is entitled to his own opinion.; July 29, 2010 6:58 AM
Createwealth8888 said...: It is just NATO (No Action Talk Only).

Older people may find job as security guards like some of my ex-colleagues after their "voluntary" early retirement offer.; July 29, 2010 7:44 AM
Solomon said...: The negative real intrest rate is using retiree saving to fund the recovery.; July 29, 2010 8:05 AM
Unknown said...: Actually, old people should have the OPTION to continue to work, and not have NO CHOICE but to work.

If old people have enough savings to retire, they can be encouraged to work for pleasure or to pass their time to keep active.

But the sad reality for Singapore is that many old people do not have enough savings, thus they are forced to work for survival.; July 29, 2010 8:49 AM
starlight said...: Mr Tan's view is down to earth!
3m a year! How many ordinary folks can see 1m in their life time, not to mention 3m per year?; July 29, 2010 10:37 AM
pacific202 said...: I thought his pay was $4m? What about the perks and benefits in kind that comes with being a minister? Easily over 6 or 7m i reckon.; July 29, 2010 11:08 AM
pacific202 said...: The other thing about not being retired is the possibility of further withholding your CPF withdrawals.; July 29, 2010 11:10 AM
Vincent said...: If I can get MM Lee's salary and his type of job, I don't mind to work until the day I die!; July 29, 2010 11:31 AM
singapore man said...: LKY is getting less and less reverent over the year, and 3million is an obscene amount of money for someone only doing forecasting and still earning extra from moonlighting by from giving talks, directorship, board member fee and other undisclosed income. To add salt to a wound to a sad situation, an octopus name Paul has show more forecasting skill in recent month than our venerable LKY, very sad indeed...; July 29, 2010 12:00 PM
singapore man said...: Currently the only way to retire is to kick all your children out of your door, move yourself and your spouse to JB and rent your house out to FT. You would be able to retire quite comfortably provided the HDB grant you permission to do that, provided you could kick your child out, Malaysian immigration control for retiree remains lax and other unforeseeable issues, which beckon when did Singapore became so unfriendly to its only people, everything we work and all the money we saved for became eroded.; July 29, 2010 12:12 PM
Spur said...: I think many people here missed the actual message.

I suspect it was a hint by the Old Man on some policies they are still debating on, specifically on the negative demographics over the next 10-20 yrs, the decreasing worker:retiree ratio, and the ability to fund CPF withdrawals by then.

I suspect there are 2 camps in the Cabinet. No prize for guessing which camp the old man is in. By coming out in public, the old man is upping the ante in this poker game. His opponents in the Cabinet and PAP apparatus won't dare to challenge his views in public.

Right now, the CPF withdrawal age and the Draw-down age is linked to a specific age i.e. 55yo and 62yo respectively (but 62 will become 65 by 2013). By stating that Singaporeans should have No Retirement Age, is he implying that we should not count on being able to withdraw CPF monies for retirement purposes until late into our 70s and 80s?

Already in 2010, parliament has activated into law "allowing" CPF monies of deceased NOT to be distributed to one's descendants. Instead CPF is encouraging people to move their dead parent's CPF monies into their own CPF accounts. Isn't this locking up of CPF money for even longer than 1 lifetime?!

While this move by CPF is currently voluntary, it doesn't take a genius to figure out how easy it is for laws to be changed further and CPF monies to be mandatory not to be taken out, even upon death. Actually this is *already* being implemented via the CPF Life No-Refund option.

Add to the removal of any retirement age whatsoever, and it is easy to see a situation whereby CPF withdrawal age is pushed back far beyond 65yo.; July 29, 2010 1:43 PM
Unknown said...: For LKY's "No retirement age" to work :-
1. Set up legistration that each company must employ a certain percentage of elderly workers vis a vis foreign talents and younger employees
2. Have guideline on minimum salary range for elder folks to work and medical benefits
3. Allow the option for partial withdrawal of CPF to subidize the monthly living expenses. For those who opt not to withdraw, govt should incentivize them by contributing more CPF bonus and so for.
4.; July 29, 2010 1:43 PM
Unknown said...: if i can get $3m and just talk, i also dont mind working till drop; July 29, 2010 3:49 PM
C H Yak said...: If I earn that kind of salary, I will work 1 more year and then retire. LOL.; July 29, 2010 10:15 PM