Photo of Ng Chee Meng from singaporeairforce

Expressing his support to raise the Retirement Age, Minister of State and NTUC chief Ng Chee Meng called for Singaporeans to work beyond 62 years old.

The millionaire PAP Minister, a former army general who has never worked in the private sector, said that the elderly workers are “experienced and valuable” so they should not retire:

“More employers should voluntarily raise the retirement age of their workers beyond the statutory requirement of 62. Gardens by the Bay is the latest company to do so. A raised retirement age will allow older workers to continue working, earn an income and contribute. NTUC fully supports this initiative by the Gardens. It is something that we hope other employers will follow. They have experience and are valuable assets. Employers should value and re-employ our older workers.”

Minister Ng Chee Meng’s call to delay retirement from 62 to 65 for all elderly will help to contribute a further S$10 million in CPF funds a year to state investment company GIC, where corrupted Prime Minister Lee Hsien Loong is Chairman.

GIC in recent years have been taking headlines for losses in overseas investment. Just earlier this month, GIC posted a minimum S$10 billion loss in CPF funds and national reserves for the financial year of 2018.

The CPF Withdrawal Age has been delayed from 55 years old to 65 today, with plans by the Prime Minister to delay until 71.

CPF funds is a cheap source of funds for the GIC, with return rate equivalent to the prevailing CPF interest rates of only 2.5%. Any investment returns earned above the interest rate are kept as profits for GIC, or legally corrupted as inflated salaries for the GIC administration where government cronies take senior management and board director positions.