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Hoon Hian Teck on Retirement and Re-employment (Amendment) Bill

As people’s life expectancy increases, they can choose how to divide the added years between work and retirement, and legislation has to keep pace, said NMP Hoon Hian Teck in Parliament on Monday (Nov 1). He noted that factors have been at play - not just in Singapore but in many developed countries - since the 1990s to raise the labour force participation rate among both men and women. These include changes in eligibility ages for retirement benefits, a higher proportion of those with tertiary education who are more likely to choose to keep working when they are older and, for women, labour-saving technological advances in the household sector. On the demand side, economic growth has been - and will continue to be - important to create good jobs for older workers.

Hoon Hian Teck on Retirement and Re-employment (Amendment) Bill

01 Nov 2021 04:03pm

As people’s life expectancy increases, they can choose how to divide the added years between work and retirement, and legislation has to keep pace, said NMP Hoon Hian Teck in Parliament on Monday (Nov 1). He noted that factors have been at play - not just in Singapore but in many developed countries - since the 1990s to raise the labour force participation rate among both men and women. These include changes in eligibility ages for retirement benefits, a higher proportion of those with tertiary education who are more likely to choose to keep working when they are older and, for women, labour-saving technological advances in the household sector. On the demand side, economic growth has been - and will continue to be - important to create good jobs for older workers.

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