More Singapore workers work past retirement

More workers are getting the option from their companies to work beyond the retirement age of 62, a Ministry of Manpower (MOM) survey shows.

About 85 percent of the local workforce in the companies surveyed last year had such a choice, compared with 77 percent a year ago.

No less significant is the re-employment contract for workers who turn 62. The survey shows more than two-thirds of these older workers were re-employed on their existing contract, instead of a new one with invariably unfavourable terms.

The rising number of companies supporting such re-employment was cheered by Manpower Minister Gan Kim Yong on Monday, when he addressed about 900 employers, human resource managers and unionists at a re-employment seminar.

He said: 'I am heartened by these findings which indicate that more employers recognise the benefits that experienced and mature employees bring to their organisations and are taking steps to keep them beyond 62.'

The survey on retirement and re-employment practices, carried out from September to December last year, covered 3,100 companies.