SINGAPORE: The retirement and re-employment ages for Singapore workers, will be progressively raised to 65 & 70 years old respectively under the law, to support older Singaporeans who wish to continue working to do so.
Manpower Minister Tan See Leng told Parliament on Monday (Nov 1) that these changes will also better prepare Singaporeans for retirement. The process will start on July 1 next year, when the retirement age will be raised to 63 and the re-employment age to 68, while Speaking at the start of the debate on changes to the Retirement and Re-Employment Act and the Central Provident Fund (CPF) Act.
There are no changes to CPF withdrawal ages. At 55, people can still withdraw at least $5,000, and they can still start their CPF payouts from 65.
Dr Tan noted that the Government is also doing its part to help employers adjust to the changes, with the $1.5 billion Senior Worker Support Package introduced last year to help offset senior workers’ wages and the additional employer CPF contributions.
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You can read more, over at https://www.straitstimes.com/singapore/politics/retirement-and-re-employment-ages-will-be-raised-to-65-and-70