Interesting Findings about Singaporean Millennials' Work Age Aspirations

Interesting Findings about Singaporean Millennials' Work Age Aspirations

Manpower Group recently conducted a study of 19,000 millennials from around the world. This survey uncovered some very interesting findings about this group of people: in particular, a number of millennials residing in Singapore say they want to work indefinitely.

Grey-collared workers

The survey revealed that one-third of millennials want to work until they are 65 while 23 percent of the respondents said they want to keep working until they reach 60. This should be of particular interest to human resource departments and agencies because they will be seeing a rise in seniors remaining in the workforce for the next few decades compared to previous generations. Their payroll software will be dealing with sexagenarians if this trend remains on track.

As if the above given statistics were not odd enough, a surprising 12 percent of respondents say they want to keep working until they expire. This number rounded up to 14 percent for Singapore’s case. This means that these people don’t even intend to retire. It is also evident that this new generation of workers are vastly different from their ancestors who preferred to retire as they approached 60 years of age..

The 40-hour-week mirage

The survey also noted that the current generation of workers are probably working longer and harder than their forefathers. In the same survey, a whopping 73 percent of respondents reported full-time employment of over 40 hours a week. In China, the average working hours were 48 and in India, an astonishing 52 hours. 84 percent said they expect to take significant breaks from their work in the near future.

Female respondents want more time off as compared with men. They are aware that they will need longer maternity leave and some even reported expecting breaks to care for their elderly. The reasons for men are quite different: they want time off for themselves to do things like travel or pursue hobbies.

Lifestyle factors?

One particular reason that could explain why young Singaporeans are having these expectations is the ever-increasing cost of living. In addition to that, the fact that the new generation is used to the consumerist lifestyle could also contribute to them wanting to keep earning money. They realize that if they want to spend more, they have to work more.

This scenario has both a positive and negative side to it. The upside being their ambition and drive to achieve things and work hard no matter their age. It also helps solve the problem of the public purse supporting an ageing population. The downside is that this comes at the expense of their health and personal needs. One thing is clear: the social dynamics have completely changed. The question is, have they changed for the better or worse? Only time will answer that.

These expectations may be on the verge of being realised. The Ministry of Manpower has recently announced more support for older employees. The re-employment age has been raised to 67 years and it seems like it won’t be very long until we see people postponing their retirement plans even till after 65 years of age.