Reminder: The retirement age in Singapore will increase to 63 from July 1, 2022
At the same time, the re-employment age will also be raised from 67 to 68.
Singapore’s Ministry of Manpower (MOM) will begin its measures to support seniors from July 1, 2022.
As part of this effort, the retirement age will increase from 62 to 63, while the re-employment age will increase from 67 to 68. Eemployees hired at age 55 and over will be eligible for re-employment if they have worked for the same employer for at least two years.
These measures will allow older workers to continue working if they wish and provide a larger pool of workers for businesses, MOM said.
Originally announced on November 2, 2021 in a speech by Minister of Manpower Dr. Tan See Lengthese increases are part of changes to the Retirement and Re-employment Act, to set the maximum possible ages for retirement and re-employment at 65 and 70. As such, the government has accepted the recommendations of the Tripartite Task Force on Older Workers to raise the retirement and re-employment ages to 65 and 70 respectively by 2030.
While the first shifts in the retirement age to 63 and the re-employment age to 68 will take effect from 1 July 2022, the timing of subsequent shifts will be subject to the agreement of the tripartite partners.
It should be noted that with the above changes, there will be no changes to the CPF withdrawal ages. Dr Tan pointed out in his November 2021 speech: “The current age of eligibility for payment of 65 strikes a balance between quick access to retirement income and provides sufficient avenue for members to build savings for the future. retirement, especially as Singaporeans are expected to live longer.
“Members continue to have the option to defer payments for higher monthly payments.”
Main picture / Singapore Ministry of Manpower Facebook