As firms adapt to new guidelines, employees must reskill earlier to work longer

IT'S a known fact that Singaporeans are living much longer these days, with the country's life expectancy at birth currently the longest in the world at 84.8 years - even greater than that of Japan.

As such, it's not surprising that many people here want to stay employed longer too. The reasons are plentiful, with seniors eager to remain active well into their silver years and build a larger nest egg for their retirement.

On Sunday, Prime Minister Lee Hsien Loong announced at the National Day Rally that the retirement age will be raised from 62 to 63 in 2022, and reach 65 by the year 2030. The re-employment age will also go up in tandem - from 67 to 68 in 2022, before reaching 70 by 2030.

And in a huge boost for workers, the CPF contribution rates for those above 55 will be increased from 2021 onwards. The entire process to do this will take about 10 years or so depending on the overall economic condit…