Singapore Set to Hike Retirement, Re-Employment Ages | Mercer

Singapore Set to Hike Retirement, Re-Employment Ages

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Singapore Set to Hike Retirement, Re-Employment Ages
Singapore Set to Hike Retirement, Re-Employment Ages
Calendar15 May 2019

Singapore will gradually raise the retirement age beyond the current 62 and the re-employment age beyond the current 67 following an agreement by the Tripartite Workgroup on Older Workers, the minister for manpower has announced. Under the government’s “responsible re-employment” scheme — introduced on 1 Jul 2017 — employers must re-employ eligible workers between the ages of 62 and 67, although employers can change the scope of the jobs and employment terms. The work group will publish more details later in 2019 on the timing and amount of the increases, and the contribution rates for workers over age 55.

Other initiatives. The government will also review the WorkPro and Special Employment Credit (SEC) schemes with the aim of further boosting the employment rate among older workers. Established in July 2016, the WorkPro scheme invites employers to apply for government funding to help implement work-life measures, establish flexible working arrangements, redesign jobs and improve workplace practices. The SEC scheme pays an additional 3% offset of employees’ monthly wages to employers who voluntarily re-employ workers aged at least 65.

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