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Many Singaporeans support raising retirement, re-employment ages

China

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China

Many Singaporeans support raising retirement, re-employment ages

2024-09-15 04:32 Last Updated At:08:17

Many Singaporeans support raising the re-employment age, partly to stay busy and active in retirement, and to help address demographic challenges in the workforce.

Like many other Asian countries, Singapore is grappling with a rapidly aging population. The government predicts that by 2030, one in four Singaporeans will be aged 65 or older, up from one in 10 two decades ago.

A survey on retirement and employment conducted last year in the country found broad support for raising the national retirement age, with about 88 percent of those aged 50 and above in favor.

Some supported increasing the retirement age because continuing to do what they love, rather than retiring, keeps them feeling youthful and fulfilled.

When Nancy Hor, a retired IT operations manager, left her job five years ago, she wasn't sure how to fill her time.

"I'm a workaholic. At the very first stage after I retired, I felt I could not find balance," she said.

Hor, now 70, said it took her some time to adjust. In her spare time, she stays busy line dancing and spending time with her family.

But she said that if she had had the choice, she would have liked to stay employed a little longer.

"I think it's good for the elderly that even they have some job to do, and keep them busy," said Hor.

In March, authorities announced plans to raise the retirement age to 64 and the re-employment age to 69 by 2026.

Singapore's Minister of State for Manpower, Gan Siow Huang, said the changes to the rules protect senior workers from dismissal due to age-related issues before they reach the statutory retirement age. Employers are also required to offer re-employment to eligible workers until they reach the statutory re-employment age limit.

This follows a similar move made two years ago to raise the retirement and re-employment ages to 63 and 68, respectively. The city-state is also aiming for a retirement age of 65 and a re-employment age of 70 by 2030.

"That is to reduce the impact on businesses, so it gives time for businesses to adapt their policy. This gradual increase in retirement age basically provides a framework for individuals like myself, who want to continue to be gainfully employed," said Patrick Chang, a retirement planning specialist and the author of the A to Z guide to retirement planning.

Chang said that businesses will need to make adjustments to accommodate the changes, including offering retraining for senior workers.

He noted that the changes won't impact those who still wish to retire earlier, but given Singapore's demographic challenges, the country cannot afford to remain idle.

"If we don't do it now, the social cost could be high. We cannot wait until the time when we need it today, and then we get something done. It will probably be a bit too late, and the cost of getting to that solution will be higher," said Chang.

Many Singaporeans support raising retirement, re-employment ages

Many Singaporeans support raising retirement, re-employment ages

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China to support urban renewal projects to advance new urbanization

2024-10-08 20:25 Last Updated At:20:37

More efforts will be made for key urban renewal projects, with the goal of fully releasing huge potential of new urbanization and generating new drivers of economic growth, said Liu Sushe, deputy director of the National Development and Reform Commission (NDRC), the country's top economic planner, in Beijing on Tuesday.

Liu made the remarks at a press briefing that was held by the State Council Information Office on systematically implementing a package of incremental policies to solidly promote economic growth, structural optimization and sustained momentum of development.

According to Liu, China's urban development has entered a phase where both new construction and the renewal of existing infrastructure are of equal importance, with the latter facing an increasingly heavier burden.

The renovation of urban underground utility networks, such as gas, water supply, drainage, and heating systems, will require the installation of nearly 600,000 kilometers of new pipelines and cost up to around 4 trillion yuan (around 567.18 billion U.S. dollars) over the next five years.

Looking ahead, China will take a phased approach to implement the urban renewal and renovation projects, according to Liu.

Priority will be given to projects that can enhance public safety and improve people's livelihood, such as the refurbishment of aging urban residential communities and neighborhoods and the revitalization of urban villages, Liu added.

At the start of the press briefing, the NDRC announced investment projects valued at 200 billion yuan (about some 28.35 billion U.S. dollars) that are in next year's plans will be released in advance this year to support the implementation of major national strategies and building up of security capacity in key areas.

"[In the pre-allocation funds,] we will give priority to a batch of key urban renewal projects. Currently, the financial demand for urban underground utility network is substantial, and we hope to prioritize support for these key projects. For the 2023-2024 period, the NDRC has earmarked over 470 billion yuan from the central budget, the issuance of additional government bonds, and ultra-long special treasury bonds, with a particular focus on the renovation of urban gas and drainage networks and the renovation of old urban residential communities, among others," Liu said.

China to support urban renewal projects to advance new urbanization

China to support urban renewal projects to advance new urbanization

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