Singapore plans to begin raising its retirement age next year to address the manpower challenges of an ageing population. Manpower Minister Dr Tan See Leng said the retirement age would be raised to 63 from the current limit of 62 from July 1. He said this at the start of a debate on a bill implementing the changes in parliament on Monday. Employers will also be required to offer to re-employ workers as old as 68 in the same organization, up from the existing cap of 67.
Dr Tan said a statutory retirement age is still important as a safeguard against those employers who dismiss older employees due to their age, as Parliament voted to pass an amendment to the Retirement and Re-employment Age Act. The Bill passed on Tuesday amends the Retirement and Re-employment Act so that the Minister for Manpower can prescribe a retirement age and re-employment age of up to 65 and 70 respectively. Dr Tan said this was in line with recommendations by the Tripartite Workgroup on Older Workers in 2019 that both the retirement age and re-employment age be raised by three years to 65 and 70 respectively by 2030. Dr Tan assured that raising the retirement and re-employment ages provides the flexibility for older workers to work longer, but does not compel them to do so. “Those who do not wish to continue working need not do so, and can enjoy their retirement,” said Dr Tan.
