SINGAPORE: Nearly all, or 97 per cent, of some 11,500 retirees in 2011 were offered employment beyond the age of 62.
66 per cent of them were allowed to continue working on their existing contracts and 31 per cent were offered re-employment under a new contract. Of those who accepted re-employment in the same job, 17 per cent had their wages adjusted downwards, with a median wage cut of 12 per cent.
Acting Minister for Manpower Tan Chuan-Jin was answering WP's Chen Show Mao on how many Singaporeans and permanent residents were covered by the Retirement and Re-employment Act in 2012.
In a written reply, Mr Tan stated that statistics on the re-employment situation in 2012 will only be available in March 2013 but the results of a previous ad-hoc survey showed that most employers were prepared for employment even before the Act came into effect on Jan 1, 2012.
As for re-employment disputes, the Ministry of Manpower (MOM) received 32 cases in 2012, mainly over eligibility for re-employment or dissatisfaction over the re-employment terms offered.
In most of these cases, the employers and employees have reached a successful settlement, wrote Mr Tan, who also stated "on the whole, the results in implementing the re-employment law have been positive."
Employment rate of older residents aged 55 to 64 rose from 61.2 per cent in 2011 to 64 per cent in 2012, and the number of re-employment disputes lodged with MOM has been low.
Mr Tan attributed this to the tight labour market situation and the efforts of the tripartite partners in promoting re-employment.