Out-Law News | 10 Mar 2021 | 8:43 am |
Singapore will raise the retirement age to 63 and the re-employment age to 68 from 1 July 2022.
The public service will raise the ages one year ahead of legislation for its roughly 146,000 officers on 1 July 2021, which will help to keep the country on track to increase the retirement age to 65 and the re-employment age to 70 by end of 2030, according to Manpower minister Josephine Teo.
The raising of Central Provident Fund (CPF) contribution rates for senior workers will also go ahead on 1 January 2022. The increase was originally to have taken place on 1 January 2021 but was deferred by a year to manage costs related to the Covid-19 pandemic.
Mayumi Soh of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: “Increasing the retirement age and re-employment age will give older workers the option to work longer, if they choose to do so, and increase their retirement savings.”
Employers in Singapore must re-employ qualified employees who turn 62, up to age 67, to let them continue to work in the organisation from 2017.