re-employment at age 62..

in office now.. drove to work today. tuned into the news radio channel in the car and listened to their 'Spotlight' program today. it was on the new Employment Act that will set in in 2012 (or 2010..not sure). they interviewed older workers and retirees. I understood more of their plights as i listened to the program. it is almost inevitable that elderly will get a paycut as they work beyond their retirement age. singapore's retirement age is now 62. once 62, employers can either give you re-employment or have you retiring as per guided age. one elderly interviewed said his co just let him go although he worked there all his life and had taken skills upgrading so that he can contribute more to the company. but the company is not receptive to his potential contributions.

another one said a company is willing to give workers, who are 62 years old, re-employment as the company have the option to reduce wages and other benefits to these retirees who have very low bargaining power. it is a way to cut cost for the company while still exploiting the experience and skillsets of the older workers.

not at all a happy picture.. the only way to ensure one don't be in the above situation is to accumulate wealth during our productive years. accumulate savings for retirement. with that nest, one can work for leisure and need not worry about the wage cut. or to be one's own boss. or to have a skillset that withstands time.

accumulate wealth during our productive years.. i am now at my prime ages but i am accumulating nothing. sad..

talked with g just now.. or more like listen to g talk just now.. he was talking about himself and his thoughts when establishing this business.. not exactly sending any hints or msg to me. but some of his words did 'shake' me a little. he said no capital to start a business doesn't mean cannot start a business. must action first so that money will start coming in. action.. action.. action.. i want to find a new job but taking really minimal action so far. really really minimal.. i am basically just waiting for good things to fall into my lap. that's not really a gd attitude..

he started this business from zero.. and now he has to carry on building the financial foundation.. sounds something i shd be doing also.. bank account almost zero.. i need to build my own financial foundation..

i m gg to do something.. i must do something.. one at a time.. jiayou..

mood now:
*thinking*