The fact is a company can ask any employee to go anytime without any compensation, as the Sg labour law is pro-capitalist. No difference to a company whether the retirement age increase or not, nonetheless it would definitely shift the general mindset on when should one retire. The mass public usually follow the statutory retirement age.
I think some are outrageous because some pension benefits or retirement incentives/rewards (the non statutory/compulsory kind on employers, e.g. gifting of x gram of gold in some banks or fat amount of cash in insurance companies) in the private sector are tied to statutory retirement age... This change would disappoint those who have been delaying their retirement aiming for these benefits. The sudden shifting of goalpost would, unfortunately, has an impact on this group of persons. While they may be a very small group of persons, for this reason, I think their frustration is not unjustifiable.
The fact is a company can ask any employee to go anytime without any compensation, as the Sg labour law is pro-capitalist. No difference to a company whether the retirement age increase or not, nonetheless it would definitely shift the general mindset on when should one retire. The mass public usually follow the statutory retirement age.
I think some are outrageous because some pension benefits or retirement incentives/rewards (the non statutory/compulsory kind on employers, e.g. gifting of x gram of gold in some banks or fat amount of cash in insurance companies) in the private sector are tied to statutory retirement age... This change would disappoint those who have been delaying their retirement aiming for these benefits. The sudden shifting of goalpost would, unfortunately, has an impact on this group of persons. While they may be a very small group of persons, for this reason, I think their frustration is not unjustifiable.