The following News Highlights covers the two topics:
i) Promoting the extension of re-employment age till 67; and
ii) Key points from PM Lee’s speech at NUSS
PROMOTING THE EXTENSION OF RE-EMPLOYMENT AGE TILL 67
The Public Service Division has announced that from 1 January 2015, eligible public servants can be re-employed after they turn 65, up to the age of 67. This announcement comes after the Tripartite Committee on Employability of Older Workers (Tricom) recommended promoting the extension of re-employment age to 67 by providing incentive support.
The following are the main details of the re-employment of older workers:
1. The Government is committed to helping older workers who can and want to continue working do so.
2. The Tripartite Committee on Employability of Older Workers’ (Tricom) has recommended providing incentives to encourage firms to re-employ their older workers beyond age 65.
a. The incentives will be announced in Budget 2015, and backdated to 1 Jan 2015.
b. This will give companies time to adjust before legislation kicks in, in a few years.
3. From 1 Jan 2015, the Public Service will take the lead to offer re-employment to all eligible officers till age 67.
a. Currently, public officers are re-employed up to age 65 when they reach the retirement age of 62.
b. Already, some public agencies have voluntarily re-employed officers beyond age 65, if officers wish to continue working and can continue to contribute to the agency.
For more information on the Tricom recommendations and Advisory on Re-Employment: http://www.mom.gov.sg/
KEY POINTS FROM PM LEE’S SPEECH AT NUSS
Speaking at the National University of Singapore Society (NUSS) Lecture on Friday, 3 October 2014 , Prime Minister Lee Hsien Loong spoke about Singapore’s future as it enters a phase of transition. The following recaps the key points of the speech by Prime Minister Lee:
1. We have embarked on our New Way Forward. These are good-hearted and necessary shifts.
c. More risk-sharing. For example: MediShield Life subsidies
d. More support for the elderly. For example: Pioneer Generation Package, Silver Support
e. Keeping pathways upwards open to all. For example: ASPIRE/ SkillsFuture
2. However, we cannot be all Heart, and no Head. We will need to be hard-headed also.
a. Because we have to do good-hearted things the right way
b. Because we have to be good-hearted not only to ourselves, but to our children and grandchildren
i For example, in CPF, it would be irresponsible to make our children fund our retirement, as some countries have done.
ii Instead, we spend within our means.
3. We need growth and prosperity so that we can be good-hearted.
a. A rich society may not always be happy. But poor societies rarely are.
b. Growth doesn’t solve all problems, but without it, we will not be able to do many important things for Singaporeans.
i For example, if we close our doors to all foreign PMEs, companies may not want to come here, and Singaporeans will not have jobs in these companies also.
ii Instead, we remain open, but make sure that Singaporeans can compete fairly and thrive
4. We will address Singaporeans’ anxieties where we can, but we must also be honest and clear about what needs to be done.
5. By striking the right balance, we can be more confident of a brighter future.
Related article on PM Lee’s Speech at NUSS: