Singapore to raise retirement age in public service to 65 in 2021

By Massita Ahmad

SINGAPORE, Aug 18 (Bernama) – Singapore will raise the retirement age in the public service to 65 from the current 62 in 2021.

This was announced by Singapore Prime Minister Lee Hsien Loong at the National Day Rally held at ITE College Central here today.

The re-employment age also to be increased to 70 from 67, he said.

“As a major employer ourselves, the Government will take the lead for public officers,” he said while encouraging private sector companies capable of doing so, to do the same too.

He noted that these changes will support older workers to continue working longer and to be more financially independent.

Raising the retirement and re-employment ages were among four recommendations put forward by a Tripartite Workgroup on Older Workers set up by the Ministry of Manpower (MOM) last year.

The workgroup comprises representatives from the Government, labour unions and the private sector.

“I think these are sensible recommendations. The Government accepts them in full,” he said.

The other two recommendations were to increase the Central Provident Fund (CPF) contributions for older workers; and to achieve all this in gradual steps, by around 2030.

The retirement age in Singapore was last raised 20 years ago.

-- BERNAMA