The Singapore government passed a bill amending the Retirement and Re-employment Act, raising the retirement and re-employment ages to 65 and 70, respectively. The change allows seniors to work longer, but they are not forced to. It is entirely up to the employees themselves how long they want to work before they retire.
This change follows a recommendation by the Tripartite Working Group on Seniors in 2019 to raise the retirement and reentry age by three years by 2030.
As previously announced, as of July 1, 2022, the statutory retirement age and the reassignment age will be increased from 62 to 63 and 67 to 68, respectively. The public sector already implemented this on July 1st. As in China, there will be a gradual increase in these ages, in stages.
However, the statutory retirement age is required to protect older employees against dismissal. Employers will have to offer to reinstate employees up to 68 years old in the same company.
Employers who want their employees to work as long as they want are welcome.
The average effective retirement age in Singapore has risen faster than the Organization for Economic Cooperation and Development (OECD) average.
Within a decade, one in five Singaporeans is expected to be over 65, thanks to low fertility rates and longer life expectancy.