Soon, Employees In Singapore Can Work An Extra Year Before They Retire
The country is raising its retirement and re-employment age in 2026.
By Sadho Ram — 06 Mar 2024, 09:54 AM
As part of its plan to increase the retirement age to 65 by 2030, the Singapore government has announced that it will raise its retirement and re-employment age by one year in 2026
With the one year raised, the retirement and re-employment age will be 64 and 69 in 2026. Following which, there will be another raise in the age bracket in 2030.
"This will bring us another step closer to our eventual goal of setting retirement and re-employment ages at 65 and 70 respectively by 2030," Singapore's Minister of State for Manpower Gan Siow Huang was quoted as saying.
According to the minister, due to the slow workforce growth and the ageing population evident in Singapore, the government wants to ensure that all employees, particularly senior workers, "contribute as much as they are able to, for as long as they wish".
Singapore's current retirement and re-employment age of 63 and 68 were raised in 2022. Prior to this, the minimum retirement age was 62.
"To ensure that the next increase is implemented just as smoothly, I encourage employers to start planning early. Some will need to adjust their manpower and upskilling plans to retain their senior workers," the minister said.
"This is why we are taking a stepped approach and announcing the increase early. Come 2026, employers who have prepared well will be better placed to tap on their senior workforce to meet their business needs."
On the other hand, Malaysians are facing a potential retirement crisis due to insufficient savings in the EPF:
