Jobstreet.com: Singaporeans not ready for retirement

With the increase in life expectancy in Singapore, senior workers are considering to postpone their retirement beyond the country’s statutory minimum retirement age of 62 years old. JobStreet.com recently conducted a survey to find out if employers in Singapore are willing to accommodate them. Responses were gathered from 150 employers and 1,400 Singaporean workers aged 40 years and above . The survey was conducted in March.
 

58% of workers indicated they plan to continue working after they reached retirement. 12% said they preferred to continue working with their current employers and would ask for an employment extension.

88% of employers said that they are willing to consider hiring seniors aged 50 years and above.

Ability to manage finances is key 
37% of workers surveyed said being able to manage their finances was the main reason why they would want to continue working beyond their retirement age. 32% said it was to maintain a healthy body and mind.
75% said they preferred part time or project based employment to achieve a better work-life balance after retirement.

88% said that they were willing to apply for jobs that they are overqualified for, indicating that career advancement was not a priority for these seniors.
To complement this, 87% of employers said that they would consider hiring senior candidates who were over qualified for the positions. 50% of employers also said that they were willing to offer part-time and contract based re-employment for retirees.

55% said they would require at least $500,000 to retire.