18 Apr '13, 6pm

World's longest retirement fuels pressure to reform welfare in Singapore

World's longest retirement fuels pressure to reform welfare in Singapore

Singaporean Richard Mui joined the ranks of the world’s longest-living retirees when his career ended in 2010. Three years on, the 54-year-old can no longer afford to pay his father’s medical bills, and worries about putting his two children through university. Almost half a century after independence, Singaporeans now live the most number of years after leaving the workforce, according to the Global Sunset Index of 68 countries compiled by Bloomberg. In the world’s sixth-most expensive city, 41 percent of more than 1,000 residents surveyed by HSBC Holdings Plc (5) said they haven’t saved for retirement, with nearly half of them blaming living costs for hampering efforts. “The standard of living has improved, but the cost of living, we’re feeling the pinch,” said Mui, who’s made S$4,000 ($3,240) in the past six months as a part-time taxi driver , compared with S$12,000 a m...

Full article: http://www.bloomberg.com/news/2013-04-18/world-s-longest-...

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