SINGAPORE: A Singapore Reddit user asked if other people are also worried about what might happen if they get retrenched in their fifties, admitting that this concern weighs constantly on his mind.
“One of the worry that I constantly have is my economic value when I reach this milestone. I will be sandwiched to support not only my family but my parents too. With bills to pay for both sides, mortgage is another major sink-hole that gobble up most of my cpf and pay.
At the moment, I can still withstand the demands and stretch my monthly pay heck (sic) thinly across. But if I am laid off or fired at mid 50s? I won’t be able to find another job that pay similar to my current salary,” wrote u/alienchilli on r/SingaporeRaw on Sunday (Mar 5).
One individual commented online that he had been worried about being retrenched in his 40s and said he “spent the next 10 years working v hard to get skills that aren’t easily replaced.. and I’m thankful for the opportunities that came my way too.”
This Reddit user told the post author to “start now, worrying doesn’t get one anywhere.”
Another netizen who got retrenched at the age of 51 wrote that he might end up being a Grab driver.
“I’m 51. was retrenched recently. am living on savings for now will looking for a job. sent out 500+ resumes so far but no luck. will probably have to be grab driver or something.”
Another underlined how important savings are.
“This is saving for the future comes into play. Start saving, a little some every month. Or ( I know some people hate this) but investment linked insurance policies, which auto deducts very month and pays you a lump sum 15 years later or so ~ this is what I did as I wasn’t good with money management in the beginning.”
A Reddit user answered “Yes. It will be a problem. You’ll not be economically viable for companies to hire you, more expensive, less energy, time than the younger people.
Especially in SG, where there is a constant stream of cheaper, younger people coming in.”
One netizen, however, said he was not worried about getting retrenched.
/TISG