Singaporeans expect they will work longer: Study

Singaporeans expect they will work longer: Study

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An elderly man in Singapore (File Photo: Francine Lim)

SINGAPORE: Research has shown that Singaporeans expect the labour force participation of elderly workers will continue to rise, and that they would continue to work full-time longer than their predecessors.

The findings, released on Friday (Oct 27), were part of a larger study conducted by the Singapore Management University’s Centre for Research on the Economics of Ageing, that aims to determine how well-prepared Singaporeans are to cope with the financial demands and risks associated with ageing.

As part of the study, 55- to 59-year-olds were asked what they thought were the chances they would be working full-time at the age of 62, 65 and 70. 

Researchers compared their answers with the actual labour force participation, and found that more respondents expected to continue working when they reached those ages.

For instance, 29.8 per cent of men were still working full-time at the age of 65, but among 55- to 59-year-olds, 41.9 per cent expected to continue working at 65. 

There was a similar trend among women: 17.5 per cent were working at 65, but 30.6 per cent of their younger counterparts expected to be doing so when they in turn reached 65.

The figures also showed that survey respondents were more likely to report that they expected to work past age 65 if they were male, low-educated, low-wealth, single, or healthy.

The results of the survey, conducted in collaboration with the US-based think tank RAND Corporation, were shared at a labour roundtable that was attended by Government ministries, research centres, trade union and employment-related agencies and non-governmental organisations.

Source: CNA/kc