| By Theresa Tan | ||
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Yishun Secondary maths teacher Lee Soo Miang realised after attending a course that $100,000 may not be enough for his retirement. — ST PHOTO: JOYCE FANG
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Non-profit groups such as the Centre for Seniors and Tsao Foundation, which run such courses, say more firms are showing an interest in these programmes.
At the Centre for Seniors, the number of people attending its courses has risen by about 50 per cent this year, compared to last year. About 5,000 staff from about 100 companies such as Keppel Shipyard, and Land Transport Authority have sat through these classes since they were started about two years ago.
One key reason for the growing popularity of such courses – which generally cover the physical, emotional and financial aspects of ageing and retirement – is the Government’s push to get bosses to re-hire workers beyond 62 years of age, which will become law by 2012. So companies want workers who are better prepared for this.
Another reason is that the workforce is ageing.
Said the Centre for Seniors’ executive director Helen Ko: ‘Companies are now more enlightened; they want their workers to grow and develop even in the later years of their careers and to find a good fit between what the staff can do and what the company can offer them.’
Singapore Airlines, for example, offers skills training for staff who are close to retirement age to enhance their skills and raise their employability, its spokesman said.
In April, it launched a three-pronged programme. It allows staff to pursue part-time workforce skills qualifications in industries such as retail. Staff can also learn to manage their finances and health, and attend workshops on preparing for job interviews.
A Public Service Division spokesman said that government agencies have been sending their older staff, especially those 55 and older, for such courses too.
For instance, the Civil Service College in Buona Vista runs programmes to help older officers make informed choices. One programme is the ‘Plan now for your retirement and re-employment’ workshop, which more than 2,700 public officers have attended.
Last year, the Education Ministry (MOE) also started holding its own retirement courses for its teaching and non-teaching staff. It has drawn up what it calls a holistic framework, by organising a host of activities, among other things, to cater to the well-being of staff aged 55 and older.
But the courses do not just cover working life as a senior. They include topics such as staying healthy, and having enough funds to see through one’s golden years. Learning how to start a small business and dealing with changing relationships are among the subjects explored.
Ms Amy Teo, programme director at the Tsao Foundation, said: ‘Many who come to the course don’t realise they could be at a loss when they retire; they don’t know how to pass their time or even what to do with themselves.’
Maths teacher Lee Soo Miang, 61, realised after attending a retirement class recently that his initial target of $100,000 in savings may not see him through his old age comfortably. After doing his maths, the father of two grown-up daughters found that $100,000 will give him only about $400 a month if he lives for another 20 years.
Mr Lee, who has been a teacher all his life and wants to work for as long as he is able to, said: ‘I never seriously thought about putting aside money for retirement. People don’t talk of saving for retirement 30 years ago; then, we were just focused on surviving.’
Mrs Florence Lee, who retired as a teacher after 37 years in June, said the course was a timely reminder of the importance of financial planning and staying healthy. The 60-year-old, who is keen to pursue her passion for flower arrangement now that she is retired, added: ‘I appreciate that MOE has planned retirement courses for us, that they did not forget older staff like us.’
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