Prime Minister Lee Hsien Loong announced that the retirement age in Singapore will increase from 62 to 65 by about 2030. Mr Lee said that under the new changes, the retirement age will be raised from 62 to 63 in 2022 and eventually to 65 by 2030.
Singapore has one of the highest life expectancies in the world, at nearly 85 years, and the retirement age increase will force workers to continue working in order to boost their retirement savings.
As the retirement age is being increased, so too must the re-employment age. Re-employment is a scheme whereby workers over retirement age, in Singapore this is currently 62, must be offered the opportunity of re-employment if the employee wishes to do so, subject to certain conditions such as satisfactory health and work performance. The re-employment age in Singapore will increase to 70 years.
Paul Arkwright
Publisher
