20140118 Singaporeans might as well retire only when they are in the coffin

I refer to online article “Raise retirement age to 70: Lim Boon Heng”. link

Prof Lim Chong Yah has suggested that “the mandatory retirement age be upped to 65 years or more”. Prof Lim’s concern was that those who are re-employed under current laws will be shortchanged by employers who are likely to exploit employees. Two years ago, Prof Lim’s shock therapy to narrow the income gap was rejected by all government officials.

Since the government has been proven wrong, Lim Boon Heng, ex minister without portfolio, has now decided to play along Prof Lim’s suggestion by upping the retirement age to 70! One should bear in mind that his concerns are not for employees. As the ex labour chief, Lim should be held responsible for wage stagnation of low income Singaporeans during the past decade.

After quitting politics a month ahead of the GE, Lim became Chairman of Temasek Holdings a year later. Our system rewards even those who failed. Although Temasek Holdings manages public funds, it has remained opaque on employee compensation. link Since no figures are publicly available, Chairman Lim’s compensation should be at least $10 million . (2010 “educated guess” link) While Boon Heng was in politics, taxpayers had already paid him tens of millions. With such a pay package, nobody would really mind retiring even past 90.

Fortunately, the current ‘labour chief’, Lim Swee Say, has not added his two cents worth on the retirement issue. If one were to speculate, Double S would probably be smiling with CPF slip in hand suggesting there should be no retirement age for all Singaporeans.

After all, we have been treated as dispensable mechanical parts of our GDP machine. Our objective as Singaporeans is to continue churning huge profits for the elites. The only time for retirement – in the coffin.

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