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Singapore to increase retirement age to 64 and re-employment age to 69 by 2026

Singapore announces raising retirement to 64 and re-employment to 69 by 2026, focusing on workforce sustainability, CPF reform, and enhancing retirement security.

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Singapore’s Minister for Manpower, Dr Tan See Leng, declared Monday (4 Mar) that the statutory retirement age in Singapore will be raised from 63 to 64 starting 1 July 2026.

This move is said to be aimed at providing workers who wish to extend their careers with longer statutory protection. Concurrently, the re-employment age will be increased from 68 to 69, obligating companies to offer eligible employees re-employment until this age, albeit potentially under adjusted terms, or alternatively, to provide employment assistance.

This decision, Dr Tan explained, was the outcome of a consensus among the tripartite group comprising the Ministry of Manpower, unions, and employers.

It marks another step following the government’s 2019 announcement that aimed to raise the retirement age to 65 and the re-employment age to 70 by 2030. The adjustment to the implementation date responds to feedback from various sectors for additional preparation time for both businesses and workers.

During the debate on his ministry’s budget, Dr Tan highlighted three main objectives for the upcoming work year: enhancing the employability of local workers, improving retirement adequacy for the vulnerable, and fostering fairer and more inclusive workplaces. He emphasized the importance of these goals in the context of Singapore’s demographic challenges, including falling birthrates and an aging population, which pose significant risks to the labor market and economic growth.

The Minister also outlined several initiatives to address workplace fairness and discrimination, including the introduction of two bills to deter discrimination based on age, race, and disability, as well as measures to protect platform workers. Additionally, guidelines will be published to facilitate negotiations between workers and employers regarding flexible work arrangements.

Efforts to balance the demand for foreign talent with the competitiveness of local workers were also discussed. Dr Tan announced the introduction of four new jobs transformation maps to assist employers in job redesign and employee training, covering 1.5 million local workers in industries such as generative Artificial Intelligence and sustainable finance. Furthermore, enhancements to the Career Conversion Programmes (CCPs) were announced, offering increased payroll support to employers for retraining workers.

Addressing the underrepresentation of Singaporeans in global corporate leadership roles, Dr Tan revealed plans for the Workforce Singapore agency to fund overseas training stints for Singaporeans under a new Overseas Markets Immersion Programme. This initiative aims to complement the Global Business Leaders Programme by providing local employees with international experience.

To support jobseekers facing repeated rejections, Dr Tan mentioned the development of a financial assistance scheme, emphasizing that payouts would be conditional on active job search efforts. Additionally, plans to professionalize skilled trades, starting with electricians, were discussed, though no legislation on retrenchment benefits for tradespeople is planned, aligning with the government’s broader approach to retrenchment benefits.

In his cut, Mr Louis Chua, Workers’ Party Member of Parliament for Sengkang GRC, had called for the reform of the outdated and archaic formula used to compute the interest for the Ordinary Account.

“This was last changed in 1999 when the ratio of fixed deposits to savings was updated from 50/50 to 80/20 to reflect the longer duration that CPF OA monies remained with CPF Board. A reform is long due,” Mr Chua stated.

In response, Dr Tan reassured that the government continues to introduce measures to enhance retirement savings for older, lower-waged earners, homemakers, and caregivers. Dr Tan highlighted improvements in CPF members’ savings, with more than 70% of active members having set aside the Full Retirement Sum (FRS) at age 55.

The minister also explained the context and impact of closing the Special Account (SA) for workers aged 55 and up from next year, a move that has stirred controversy from the public and spurred questions from MPs.

He clarified that only a small percentage of affected members would not be able to fully transfer their savings to their Retirement Accounts (RA), offering alternatives for these funds. Both the Special Account and Retirement Account currently earn 4.08 per cent interest per annum.

“It is a matter of principle … it is not about savings costs for the government,” said Dr Tan.

However, little if any, was said about how monies in the RA are returned to the members in a drip-feed manner, contrary to how SA allows members who meet their FRS to withdraw the sum without waiting for the age of 65.

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I think should extend retirement age to 75. Too many people got nothing to do and cry father cry mother against the government everyday.

Don’t fret for nothing. This is actually good in general. Think deeper. Those who still wants to work because of commitments or wants to stay active can work longer, and employer cannot force you to retire. If they want you retire early they got to compensate you with severance package. For those who wants to retire early can stop work anytime, nobody force you to work, and there is no law to say that you must work till the retirement age. Unless you are with the older pension scheme that can only get the money upon retirement, we will not… Read more »

So the certification course for washing toilet is meant for these age group?

And citizens actually voted for PAP again & again….
If this does not trigger a landslide loss for the PAP, nothing else will.
If this is not yet the tipping point, I must say voters here are really very obedient slaves.

Given the chance every 4 years to vote out the PAP, but still cannot do it…
Amazing… Amazing people… the PAP should believe they are in political nirvana…

CPF Life monthly payment also, wait long long.
Hahaha.
No wonder budget big.

These bunch of fucking thieves keep shifting the goal post. WTF they not happy until one is dead and gone? Why can’t the aged retire in dignity and relax? Muthafucker PAP dogs hopefully all their families meet painful or tragic ends.

Your CPF life payout would be …..EXTENDED TO 69….MARK MY WORDS….BEFORE YOU LOCAL FUCKS CAN EVEN HAVE A CHANCE TO SEE ANY MONEY…PROBABLY WILL BE USED TO BUY YOUR COFFIN INSTEAD!
Elites at Temasick and GIC laughing all the way to the banks….for themselves!!😆😆😆🤣🤣🤣

So government can save billions $ in social services so as to pay them out of this world salaries and perks?

It’s a very common sight to see old uncles and old aunties who barely can stand or stand straight, working for a pitiful little salary so they can live a dignified life and any time can go up lorry one

Last edited 1 month ago by Singapore Fooled Again n Again

What’s the point of raising retirement age when no company wants to hire older workers?!? 😡

They know how to convert Singapore to a Business status in UK. Erm are they going to officially State No Slavery?!? No Slaves to take other PM bullets … Crappy Greedy leadership of SG.

In the 1970sand 80s, adults in their 50s already in retirement, to enjoy a slow pace of life.
So after all the years of GDP growth and population growth from 1970 to 2024, the old really have to work till both foot in the grave??

So government have lesser burden to look after the aged, as many will work till end of their lives with little to no dignities. So sad!

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