On 4 March 2024 at the Ministry of Manpower Committee of Supply 2024, it was announced that the retirement age in Singapore will be raised to 64, while the re-employment age in Singapore will be raised to 69 in 2026.
Currently, the retirement age is 63, while the re-employment age is 68. By 2030, the retirement age is expected to be 65 and the re-employment age is expected to be 70.
There are various initiatives provided by the Singapore government to support employers with the re-employment of their eligible employees, as follows:
Part-time Re-employment Grant ("PTRG")
The PTRG provides up to S$125,000 to employers who meet the relevant eligibility requirements and who offer part-time re-employment, other flexible work arrangements, and structured career planning to their senior workers.
If the company is eligible for the PTRG, the company can get S$2,500 per resident senior worker (age 60 and above), capped at a total of S$125,000 per company.
Senior Employment Credit ("SEC")
The SEC provides wage offsets for employers who employ Singaporeans aged 60 and above who are earning up to S$4,000 a month. The wage support ranges up to 7%, depending on the employee's age.
Further information on the current retirement and re-employment practices in Singapore, including eligibility requirements, etc., can be found here.
Further information on the PTRG and SEC and their eligibility requirements can also be found here.
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