Singapore will raise the retirement age to 64 years and re-employent age to 69 years in 2026. The move is part of an ongoing process that will see the Republic’s retirement and re-employment ages reach 65 and 70, respectively, by 2030. Minister of Manpower Tan See Leng said a tripartite agreement has been reached for this new round, after the success of the last one.
Singapore’s retirement and re-employment ages were last raised in July 2022, to 63 and 68, respectively. The plan for Singapore’s retirement and re-employment ages to hit 65 and 70 by 2030 is in line with recommendations made by the Tripartite Workgroup on Older Workers in 2019. In 2023, more than nine in 10 senior workers who were eligible and wished to continue working were offered re-employment, noted Minister of State for Manpower Gan Siow Huang said. Encouraging employers to “start planning early”, she added: “Some will need to adjust their manpower and upskilling plans to retain their senior workers. This is why we are taking a stepped approach and announcing the increase early.”
In a Facebook post, National Trades Union Congress deputy secretary-general Heng Chee How welcomed the move as “a step in the right direction”, noting that raising these ages is “the most impactful way” to boost senior workers’ retirement adequacy. During the Budget debate, he had called for the government to announce the next raising of retirement and re-employment ages “soonest”. Said Heng in his post: “This will provide ample time for both employers and older workers to make necessary preparations.”
The Singapore National Employers Federation (SNEF) said it supported the phased-in increase in ages, but wanted more help for employers to adjust. It called on the government to extend the Senior Employment Credit scheme, which is set to expire in 2025, and raise its salary cap. Announced in 2020’s Unity Budget, the scheme provides wage offsets of up to 8 per cent to employers of Singaporean workers who earn up to S$4,000 a month and are aged 60 or above.
