POLITICAL RISK - New Framework For Working Seniors

Singapore implemented a new Retirement and Re-employment Act on January 1. The Act is expected to be implemented smoothly following four years of work by the government, unions and employers. The Act will help workers who are able and willing to work beyond the retirement age. A 2011 labour force survey revealed that 61.2% of workers between the age of 55 and 64 are still working, compared with 59% in 2010. The changes to the Act came following a 2009 report of higher average life expectancy of Singaporeans at 81 years.

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