SINGAPORE is adhering to its ambitious target to progressively raise the retirement and re-employment ages for Singapore workers to 65 and 70 respectively by the end of the decade.

From Jul 1 next year, the retirement age will be raised to 63 and re-employment to 68, though the timing of the subsequent adjustments will be subject to agreement among the tripartite partners of the government, the unions and employers.

With 1 in 5 Singaporeans expected to be 65 or older by 2030, and life expectancy already among the highest in the world, Singapore has been especially proactive towards older workers. Over the years, it has changed its policies to help keep and attract older employees. Introduced in 1993, the retirement age was last raised in 1999, when it went from 60 to 62. The re-employment age was announced in 2007 and legislated in 2012; it was subsequently raised in 2017 from 65 to 67. Employers must generally offer re-employment contracts to eligible employees at age 62 and the contracts must be renewable every year until 67.