SINGAPORE: Many Women Face Old Age Without Sufficient Savings

SINGAPORE (DPA - Earth Times), February 21, 2008: Nearly one in three women mid-lifers in Singapore have never held a job and face the prospect of insufficient savings in old age, a survey said Thursday. Among those who work, two out of five want to continue past the current retirement age of 62. The survey was carried out by the Ministry of Community Development, Youth and Sports among 3,000 residents. Noting that half of the women older than 65 are widows, Minister of State Yu-Foo Yee Shoon said, "We can expect to see an increase in the incidence of widowhood and lonely aged women." Younger women "need to be prudent and financially prepared" for old age. In releasing the survey results, Yu-Foo urged women to upgrade their skills to stay competitive in the workplace. The government needs to encourage more housewives to enter the workforce by making childcare and elder-care services more affordable, she said. Copyright: DPA Source: Earth Times