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Straits Times
3 days ago
- Business
- Straits Times
More seniors remain employed after retirement, re-employment ages raised in 2022: MOM economists
Sign up now: Get ST's newsletters delivered to your inbox The study tracked the employment outcomes of about 180,000 residents born between 1959 and 1961 to assess the impact of raising retirement age. SINGAPORE – More older folk are staying in the workforce after Singapore raised the retirement age and re-employment age in 2022, noted a new study. It found that after the minimum retirement age rose from 62 to 63 from July 1, 2022, the employment rate for those affected went up by 0.4 percentage points over seniors not covered by the policy change. Similarly, the increase in the re-employment age from 67 to 68 also raised the employment rate for affected seniors by 0.7 percentage points, according to the study by Manpower Ministry senior economist Yuen Wing Shan and lead economist Samuel Huang. The study tracked the employment outcomes of about 180,000 residents born between 1959 and 1961 to assess the impact of raising retirement age. The effects of raising re-employment age were examined by tracking around 160,000 residents born between 1954 and 1956. Currently, resident senior workers who join their companies before turning 55 can keep their jobs until they meet the minimum retirement age of 63. They must also be offered the option to stay employed until the re-employment age of 68, provided their work performance is satisfactory and they are medically fit to keep working. Top stories Swipe. Select. Stay informed. Asia India, Singapore ministers discuss deeper tie-ups in digitalisation, skills, industrial parks Singapore askST: Public bidding possible if assets seized in $3b money laundering case are sold at auction Singapore 2 dead after fire in Jalan Bukit Merah flat, about 60 evacuated Singapore TB screenings at two pre-schools after staff member diagnosed in July Business Haidilao to close Clarke Quay outlet on Aug 31; exit follows 3 earlier outlet closures Singapore HSA seeks Kpod investigators to arrest abusers, conduct anti-trafficking ops Opinion How to train a drone warrior, with lessons from Ukraine Opinion The truth about AI: Firms will profit, workers will lose jobs The study found that the hikes in 2022 work because they 'provide legislative protection and set the social norms of retirement for senior workers'. Specifically, raising the re-employment age could shift expectations among seniors and their employers as they adjust their idea of when retirement should happen. 'Given Singapore's increasing life expectancy and ageing population, the retirement age and re-employment age protect senior workers and enable them to work longer if they wish to,' noted the study. 'This in turn allows employers to meet their manpower needs in a tight labour market.' The study also said that raising the retirement age has benefited seniors working in knowledge-intensive roles in sectors such as manufacturing and wholesale trade, where employers might otherwise prefer younger staff with more updated skills. The policy also helped delay the retirement of seniors living in bigger flats and private housing, possibly because they valued being able to keep their full salaries and benefits for one more year. However, the study found that the retirement age for this cohort did not extend much beyond 63, suggesting that the policy helped delay, but would not stop seniors from leaving the workforce. The trend holds true for the re-employment age, suggesting that seniors were prepared to retire after hitting 68. The Retirement and Re-employment Act, enacted in 2012, has been revised several times to bring Singapore closer to its eventual goal of raising the retirement age to 65 and re-employment age to 70 by 2030.
Straits Times
3 days ago
- Business
- Straits Times
While You Were Sleeping: 5 stories you might have missed, Aug 14, 2025
Sign up now: Get ST's newsletters delivered to your inbox US President Donald Trump said Russia would face "severe consequences" if Russian leader Vladimir Putin does not agree to stop his war in Ukraine. Trump threatens Putin if he blocks Ukraine peace US President Donald Trump threatened 'severe consequences' if Russia's Vladimir Putin does not agree to peace in Ukraine but also said on Aug 13 that a meeting between them could swiftly be followed by a second that would include the leader of Ukraine. Mr Trump did not specify what the consequences could be, but he has warned of economic sanctions if his meeting with Mr Putin in Alaska on Aug 15 proves fruitless. The comments by Mr Trump and the outcome of a virtual conference with Mr Trump, European leaders and Ukrainian President Volodymyr Zelensky held on Aug 13 could provide encouragement for Kyiv after fears the Alaska summit could end up selling out Ukraine by carving up its territory. However, Russia is likely to resist Ukraine and Europe's demands strongly and previously has said its stance had not changed since it was first detailed by Mr Putin in June 2024. READ MORE HERE India, Singapore ministers discuss deeper tie-ups PHOTO: INDIA'S MINISTRY OF EXTERNAL AFFAIRS India and Singapore explored deepening their engagement on digitalisation, skills building and industrial parks at a meeting of a key bilateral platform on Aug 13 during Deputy Prime Minister Gan Kim Yong's visit to the South Asian state. DPM Gan led a six-member Singapore delegation at the third edition of the India-Singapore Ministerial Roundtable (ISMR), which aims to boost collaboration between the two nations in emerging fields. Top stories Swipe. Select. Stay informed. Asia India, Singapore ministers discuss deeper tie-ups in digitalisation, skills, industrial parks Singapore askST: Public bidding possible if assets seized in $3b money laundering case are sold at auction Singapore 2 dead after fire in Jalan Bukit Merah flat, about 60 evacuated Singapore TB screenings at two pre-schools after staff member diagnosed in July Business Haidilao to close Clarke Quay outlet on Aug 31; exit follows 3 earlier outlet closures Singapore HSA seeks Kpod investigators to arrest abusers, conduct anti-trafficking ops Opinion How to train a drone warrior, with lessons from Ukraine Opinion The truth about AI: Firms will profit, workers will lose jobs According to a Ministry of Foreign Affairs press statement, the two sides reaffirmed the close and longstanding relationship between Singapore and India, underpinned by strong economic and people-to-people ties. READ MORE HERE Plastic pollution treaty talks in disarray PHOTO: EPA Attempts to secure a landmark treaty combating plastic pollution descended into disarray on the penultimate day of talks on Aug 13 as dozens of countries rejected the latest draft text, leaving the talks in limbo. With time running out to seal a deal among the 184 countries gathered at the United Nations in Geneva, several countries slammed a proposed compromise text put forward by talks chair Luis Vayas Valdivieso of Ecuador. A larger bloc of countries seeking more ambitious actions blasted what they consider a dearth of legally binding action, saying the draft text was the lowest common denominator and would reduce the treaty to a toothless waste-management agreement. READ MORE HERE 'Water lettuce' chokes tourism, fishing at El Salvador lake PHOTO: AFP The waters of El Salvador's Lake Suchitlan are normally busy with fishermen and tourists – but this year, you'd be forgiven for thinking it isn't a lake at all. The wetland, known for its biodiversity, has been overrun by a floating plant that feeds on chemical pollution, almost completely covering its surface and making it look like a lush, light-green field. Fed by the waters of the mighty Lempa River, Suchitlan is a 13,500-hectare artificial lake built around 1976, and supplies the Cerron Grande hydroelectric power station. READ MORE HERE PSG beat Spurs on penalties to win Uefa Super Cup PHOTO: AFP European champions Paris Saint-Germain began the new season by lifting more silverware on Aug 13 as they beat Tottenham Hotspur 4-3 on penalties in the Uefa Super Cup after producing a late comeback to draw the match 2-2. Spurs looked set to get their hands on the trophy in their first competitive match under new coach Thomas Frank as they led 2-0 just after half-time at the Stadio Friuli in Udine, Italy. Micky van de Ven gave last season's Europa League winners the lead on 39 minutes and Cristian Romero got their second goal three minutes into the second half.
Straits Times
3 days ago
- Sport
- Straits Times
Swiatek, Zverev advance in rain-hit Cincinnati Open
Sign up now: Get ST's newsletters delivered to your inbox Aug 13, 2025; Cincinnati, OH, USA; Iga Swiatek (POL) reacts after returning a shot against Sorana Cirstea (ROU) during the Cincinnati Open at the Lindner Family Tennis Center. Mandatory Credit: Aaron Doster-Imagn Images Third seed Iga Swiatek reached the Cincinnati quarter-finals with a 6-4 6-4 win over Sorana Cirstea on Wednesday, while Alexander Zverev needed just one game to complete victory over Brandon Nakashima before rain halted play again. Wimbledon champion Swiatek extended her perfect record against Cirstea to 5-0 and will next face the winner of an all-Russian clash between Anna Kalinskaya and Ekaterina Alexandrova. "We played many tough matches, so I know Sorana can really hit the ball well, especially on faster surfaces," Poland's Swiatek said. "I'm happy I was solid enough. I was trying to be proactive with my serve, not many of my first serves went in, but I was happy I was solid on my second serves." Fellow Pole Magda Linette upset fourth seed Jessica Pegula 7-6(5) 3-6 6-3 in a third-round match that extended over two days after Tuesday's suspension due to rain. The American had levelled the match at a set apiece, but on Wednesday's resumption Linette earned the break before closing it out on serve for her second Top-10 win of the season. In the men's draw, Zverev completed a 6-4 6-4 win over Nakashima after the match was suspended overnight when he was leading 5-4 in the second set. Top stories Swipe. Select. Stay informed. Asia India, Singapore ministers discuss deeper tie-ups in digitalisation, skills, industrial parks Singapore 2 dead after fire in Jalan Bukit Merah flat, about 60 evacuated Singapore askST: Public bidding possible if assets seized in $3b money laundering case are sold at auction Singapore TB screenings at two pre-schools after staff member diagnosed in July Singapore HSA seeks Kpod investigators to arrest abusers, conduct anti-trafficking ops Business Haidilao to close Clarke Quay outlet on Aug 31; exit follows 3 earlier outlet closures Opinion How to train a drone warrior, with lessons from Ukraine Opinion The truth about AI: Firms will profit, workers will lose jobs The German third seed is set to return to the court later on Wednesday, aiming to avenge last week's Toronto semi-final loss to Russian Karen Khachanov. Earlier, seventh seed Holger Rune advanced after home favourite Frances Tiafoe was forced to retire with a back injury. REUTERS
