Many people want to keep working even when they get older. The government has listened to these people and decided to let people retire and get re-employed at an older age. This means that 90% of older people still working can stay in their jobs and even find new ones.
However, this could cause some problems. For example, there might be a big age difference between younger and older workers, which could change how people work together. Also, people from different generations might think differently and have different skills, especially with technology changing rapidly. To ensure older workers are treated fairly, the government plans to make new laws about fairness at work.
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Singapore Announces Changes to Retirement Age for 2024
Because many older workers want to keep working, the government has let people retire later. Last year, people could retire at 63 and get re-employed at 68. But now, the government has said that in 2026, people can retire at 64 and re-employ at 69.
The government thought about four important things to make this decision:
- How much the government can help
- How long people are expected to live a healthy life
- When and how fast to make these changes
- The conditions for getting re-employed
By considering these things, the government can slowly make changes until it reaches its goal in 2030. This will help older people support themselves and also help the country’s economy.
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Conditions for the New Retirement Age in Singapore
The government has set some rules for the new retirement age:
- You must be a citizen of Singapore.
- You must have started working for your employer before you turned 55 and worked there for at least 2 years before turning 63.
- Your employer must think you are doing a good job.
- You must be healthy enough to keep working.
- According to the Retirement and Re-employment Act (RRA), you must work until you are 63, which is the minimum retirement age. Your employer cannot fire you before you reach this age.
Help from the Singapore Government
In 2026, the government will let people retire at 64 and get re-employed at 69. By 2030, these ages will increase to 65 and 70. The government also offers some grants to help:
- Part-time Re-Employment Grant (PTRG): Employers can receive up to S$125,000 if they allow older employees to work part-time, create career plans, and offer flexible work hours. Each worker aged 60 or older can earn their company S$2,500. However, each company is eligible for a maximum of S$125,000.
- Senior Employment Credit (SEC): Employers who hire older workers aged 60 or above who earn S$4,000 a month can get some money back. Depending on the worker’s age, the employer can get back 7 to 8% of the worker’s wages.
- Healthcare benefits: Employers should think about changing healthcare benefits. They should also offer flexible benefits and contribute to MediSave. This can be used to pay for an employee’s MediShield Life or Integrated Shield Plan premiums.
People should visit the government’s official website for more information about these grants and payments.
What We Know
In 2026, older workers can retire and get re-employed later. This will let them help the country’s economy for a few more years. But, some older workers will not be affected by these changes:
- Officers in the Police, Prison, Narcotics, Civil Defence, and Corrupt Practices Investigation (Junior and Senior) Services.
- Personnel in the Singapore Armed Forces.
- Cabin crew on commercial aircraft.
- Workers who work 20 hours a week or less.
- Workers who started working for a company after they turned 55 and have worked there for less than 2 years.
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