Mid-life crisis: Bulk of Singapore’s unemployed are older than 40

Singapore Business Review – Fri, Jun 13, 2014 12:27 PM SGT

0users liked this commentThumbs UpThumbs Down0users disliked this comment

ricky l • a second agoRemove

Solving the job situation for those who are 40 years and above for PMET or workers will have solve the unhappiness on the issues of CPF.

The unhappiness about unable to withdraw CPF at 55 is just a symptom of the problem not the root cause. If those mature unemployed workers can find work and continue to earn income to feed their families, do we think that this group of people still harp on the unhappiness of not able to withdraw CPF at 55?

It is because they are out of job with no income, they need money to feed their families - that is why they expresss their unhappiness of not able to withdraw CPF at 55.

But honestly, as graduate who come out to the workforce at 25 and work up to 40 years old - work for 15 years to buy a house (a flat), to married, raise a family and to raise children - how much will be left in the CPF - almost not much. Then how does clamouring for withdrawal of their CPF help them - to say finance their force retirement from 40 years old to say 85 years old - a whopping 45 years old to live?

Thus unhappiness about CPF withdrawal is just a symptom and not the root cause.

The root cause is - to resolve and find a solution to ensure that PMETs and workers to be able to find a job that can ensure they continue to get employed and earn income until their official retirement at age 65 to 67 years old - so that their savings and CPF will be sufficient to finance their retirement.

This issue of not able to get a job after 40 years old not only apply to the current batch of mature PMETs and workers.

It will also apply to the current young workers and our children --- who effectively only have a work life of 25 to 40 years old to work enough to raise a family and earn sufficient for retirement - almost a "MISSION IMPOSSIBLE" - if this issue is not convincingly resolve.

Thus this problem is not only a problem for mature PMETs and workers - but a true National problem - also for the young - who will face the same issue when they reached 40 years old.

Reply

0users liked this commentThumbs UpThumbs Down0users disliked this comment

ricky l • a second agoRemove

Thus if the industries are not receptive to keep employing PMETs and workers at 40 and above, the Government can take over the responsibilites of roping these group of PMETs and workers and turn them into a Economic miracle (such as the Pioneer Silver Industry) - by setting aside funds eg. $1 billion startup fund, setting aside a large piece of land as industrial estate and create useful Government projects that will benefit the Silver population and at the same time create valuable jobs for all the retrenched PMETs and workers at 40 and above under the stewardship of Government Agencies such as e2i, WDA or MOM to run the programme.

This programme can be an all-encompassing mirror image small Economy of the larger Economy that encompass most if not all the sectors of the Economy so that all the retrenched PMETs and workers at 40 and above can make use of their skillsets to work in this Pioneer Silver Industry - such as engineering, ICT, finance, accountancy, banking, food & beverage, hospitality etc.

Re-training and On-the-Job training can be provided for skillsets that are obsolete.
1% of GDP year on year can be set aside to fund this programme - as operating fund.

If the Government is able to do this and do it quickly, i can assure that many unhappy voices about unemployment lah, cpf lah, too many foreigners lah, this lah, that lah - will be very subdued if not vanished.

The real root cause is - household do not have enough $ or no jobs to feed themselves and their families.

This is the real source of unhappiness.

Reply

0users liked this commentThumbs UpThumbs Down0users disliked this commentricky l • a second agoRemove
$1 billion start up fund and 1% of GDP set aside for this "Pioneer Silver Industry" - is a very small sum of money for a more than $200 billion to $400 billion Economy.

But creating jobs for all the retrenched mature PMETs and workers - have a long way to go - to ensure confident and provide reassurance to all Singaporeans' workers that their jobs are almost guaranteed.

This is a catchment policy - to ensure virtually "zero" unemployment to All Singaporeans - a "Win-All" policy.

0users liked this commentThumbs UpThumbs Down0users disliked this comment

ricky l • a second agoRemove

And I believe, this group of retrenched mature PMETs and workers - will be able to recoup an ROI of $1billion and return it back to the Ministry of Finance within 5 years and every year, will attempt to breakeven the 1% GDP of operating fund in the next 5 years - and we can be self financing - with the knowledge, experience, vibrancy and the vision of this group of retrenched mature PMETs and workers - and create a new Economic miracle for Singapore - while solving the retrenechment problem of the mature PMETs and workers - I can guarantee.

0users liked this commentThumbs UpThumbs Down0users disliked this comment

ricky l • a second agoRemove

This is real "Mutually Inclusive Policy" - that comprise the element of "Catchment Policy" where this group of PMETs and workers fall out of the Economic Mainstream not because of their lack of ability - but something else, then this "Pioneer Silver Industry" will catch them back and unleash their talents and potentials to create another Economic Miracle - if this programme is endorsed and approved.

We are just getting a loan from MOF not a donation to start and sustain this programme. And MOF is basically an investor or Venture Capitalist for this programme - let this group of PMETs and worker provide you the ROI for your investment and meet your social objectives of self-sustaining while cutting back social welfare programme.