Find out the latest news and information about the Singapore Retirement age changes in 2024: New retirement age and conditions announced. As retirement and reemployment ages increase, seniors have more chances to continue working. This article will describe briefly the changes to the Singapore Retirement Age.
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Singapore Retirement Age Changes 2024
The government increased the retirement age and reemployment age after considering the demands of the citizens. 90% of the working seniors remained in the workforce, and they were offered a variety of re-employment options.
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It may have certain unavoidable consequences, along with the benefits. A generational gap between younger and older employees, for example, can affect the dynamics of a workforce. Differences in mindsets, backgrounds, and rapidly changing technology are going to be amplified. The government intends to implement Workplace Fairness Legislation that could prohibit workplace dynamics. This will protect the welfare of Senior workers.
Singapore New Retirement Age
The government has announced its intention to raise the retirement age for seniors. This is in response to the need for older workers to stay at work for a longer period of time. In the previous year, both the retirement and re-employment ages were raised to 68. Singapore Government recently announced that the retirement age for senior workers will be raised to 64 in 2026, and the reemployment age will rise to 69.
The government took into consideration four main measures: government support, life expectancy and healthy years, timing and pace, and terms of re-employment. All these factors were taken into consideration by the government to ensure that age thresholds are implemented slowly until the government reaches the target age of 2030. Senior citizens will be able to support themselves and contribute to the economy of the country.
Singapore New Retirement Age Conditions
The new retirement age conditions set by the Singapore Government are outlined below.
- Singapore requires that senior citizens have a certificate of citizenship.
- Employees must have joined their employer before the age of 55 and served them for at least 2 years before turning 63.
- An employer’s assessment must have led to a satisfactory performance.
- For seniors to continue working, they must be in good health.
According to the Retirement and Reemployment Act (RRA), an employee must have served for at least 63 years. This is the minimum age of retirement. The employer will not dismiss an employee before retirement age.
Singapore Government Support Grants
Singapore’s Government has announced that the retirement age and the re-employment age will be changed to 64 and respectively 69 in 2026. The government also decided to raise the retirement age from 65 to 70 in 2030. The government also offers a variety of Support Grants, including:
- Part-Time Re-Employment (PTRG)- Employers that offer senior workers flexible working arrangements, career planning, and part-time reemployment are eligible for up to S$125,000. PTRG will be provided to the eligible company for S$2,500 per resident senior worker 60 years old or older. The grant amount is limited to S$125,000 for each company.
- Senior employment credit (SEC).– Wage offsets are available to employers that employ seniors 60 years old or older with a monthly income of S$4,000. The wage support varies from 7 to 8 percent depending on the age of the employee.
- Healthcare benefits – An employer must consider restructuring healthcare benefits. Employers must also provide MediSave contributions and flexible benefits. They can be used to pay for MediShield Life and Integrated Shield Plan premiums.
The government also provides other forms of assistance. The official government website is the best place to find out more about support payments and grants.
Additional Information
In 2026, the retirement age and reemployment age for senior workers will increase. These individuals can continue to contribute to the economy of the country for a few years. Nevertheless, some seniors do not qualify for the changes.
- Public officers (junior and senior) in the Police, Prison, Criminal Justice, Civil Defence, and Corrupt Practices investigation services.
- Singapore Armed Forces Personnel.
- Cabin crew on commercial aircraft
- Employees who work 20 hours or less per week.
- Priority was given to employees who have served in the company for less than two years and are over 55.
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Certain other employees are also exempt from the age change for re-employment. For the latest information, viewers are encouraged to visit the official website of the Singapore Government. Continue to browse this website for articles on the Retirement Age Changes.