Most Singapore employees expect to work past retirement age: Randstad

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SINGAPORE - More than eight in 10 (85 per cent) employees in Singapore believe they will have to work longer than the current retirement age of 62, according to the Randstad Q1 2015 Workmonitor released on Wednesday.

However, only 56 per cent of employees believe that their company has policies in place to attract and retain workers over the age of 55.

These figures show that while most workers in Singapore are prepared to work for longer to save for their retirement, organisations aren't doing enough to plan for the rapidly ageing workforce, Randstad Country Director for Singapore, Mr Michael Smith, said.

"Recent government initiatives - such as the increase in CPF contributions for over 50s and plans to raise the re-employment age to 67 - demonstrate that older workers are expected to play a crucial role in Singapore's nation building.

"However to support these workers who wish to stay in the workforce, organisations need to develop clear talent management strategies which meet their needs," said Mr Smith.

The research also found that 65 per cent of workers in Singapore believe that it is harder for older workers to acquire new skills.

Organisations should look into investing in training and development programmes to ensure the current generation of workers continue being valued members of the workforce, Randstad's Country Director said.

"The rapid evolution of technology and collaboration tools mean that it's vital for organisations to provide upskilling opportunities for older workers so they can continue to be productive.

"Any worker who doesn't possess the necessary skills to perform their role is a drag on a company's productivity - and as productivity is one of the biggest challenges facing businesses in Singapore it's imperative to ensure employee skills are kept up-to-date," said Mr Smith.

As the workforce ages, companies also need to provide greater access to flexible working options to encourage people to stay in the workforce, Randstad's survey found. A total of 55 per cent of respondents said that workers over the age of 55 should work fewer hours than younger workers.

The report further added that flexible arrangements make it easier for mature workers to provide a valuable contribution while saving for their retirement.

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