why not? some people don't really like to do management work at m1 and above. I have heard of people who reject promotion from E6 to m1. E6 cap at 6k+ already sufficient and comfortable for some people. Especially those people with diploma and worked their way up. 6k+ for a perm role + stable job + keep their old stock options at age 40+ or even 50+ is already a good thing for them.

some age 50+ people that i speak to, plan to retire here, house fully paid, cpf alot of money, have car and good monthly savings. their same age friends might just be retrenched or paycut recently during this covid19 period while they keep their stable jobs.

not everybody aims to or can retire at m4 or higher