Tweak. by digitalpimp
MM Lee’s comments about retirement has highlighted about the changing paradigm of retirement, in that it is increasingly becoming less of an automatic ritual upon reaching a pre-defined age and more of a lifestyle choice.
Traditionally, retirement is an age where one is able to stop working, collect a pension and to take time to smell the roses and to take care of grandchildren. My parents count themselves fortunate in that they were school teachers their entire careers and stayed in the pension scheme (and taking pay cuts in the last few years of their working life) even as it was slowly phased out by the CPF scheme.
However, the Civil Service has all but abolished the pension scheme except for a few select schemes e.g. Administrative service and some specialised services. Majority of public sector and statutory board employees are on the CPF scheme, as are virtually all the private sector and GLC or TLC organisations.
Thus, the concept of choosing not to work becomes one of income versus lifestyle needs than an age per se.
