S'pore planning to up retirement age

S'pore planning to up retirement age

SINGAPORE: The Singapore government is considering raising the
mandatory retirement age from 62 to help deal with an aging
population and rising medical costs, media reports said on
Tuesday.

Former prime minister and current Minister Mentor Lee Kuan
Yew, 81, is pushing for the reforms and told a union forum on
Monday the issue was discussed at the last Cabinet meeting.

Lee, who retired as prime minister at the age of 67, said his
proposal was based on people being allowed to work past 62 but at
a lower wage.

"I'm trying to work out a scheme, which I hope the Cabinet
will eventually come round to, where you gradually tail off, you
go down (in salary), but you continue working," the Straits Times
quoted Lee as saying.

"The government has an interest in this because if you don't
prolong the employment age, you will have a big problem dealing
with medical costs."

Lee said one obstacle was the belief among employers that they
would be "short changed" by having to keep on older staff but
cited his own career as evidence people still had assets to offer
past the age of 62. --AFP