'Productive longevity' is behind proposals for older workers

Singapore

A VISION of "productive longevity" lies behind the recommendations made by the Tripartite Workgroup on Older Workers, said Minister for Manpower Josephine Teo on Thursday. She was speaking at the annual dinner of the Economic Society of Singapore at Mandarin Orchard hotel.

Mrs Teo was explaining the thinking behind the recent move to raise the retirement and pre-employment ages, as well as Central Provident Fund (CPF) contributions for older workers.

Prime Minister Lee Hsien Loong announced on Sunday during the National Day Rally speech that the retirement age will go up to 63 in 2022, and eventually to 65 by 2030. The re-employment age will also go up from 67 now to 68 in 2022, and eventually to 70 by 2030. CPF contribution rates will also be raised over the next 10 years or so for workers aged 55 to 70, so that they…