Singaporeans share mixed reactions about new retirement age, re-employment age
Workers from different generations in a Singapore office setting 9for illustration purposes only)
SINGAPORE: The statutory retirement and re-employment ages will be 65 and 70, respectively, effective Jan 1, 2029, a year ahead of the previous 2030 target.
The Ministry of Manpower (MOM) said in a press release on Monday (Oct 26) that the change, from the current retirement age of 64 and re-employment age of 69, aims to provide older workers who wish to continue working with more options across different career and life stages, while helping employers retain and leverage their strengths.
Singaporeans, however, shared mixed reactions to the news.
On r/singapore, one commenter said, "I know the stance that people can retire earlier if they want to and this is just to protect those who want to keep working, but looking at the headlines just feels tiring."
Another commenter, whose mother had to give up her retirement benefits following the retirement and re-employment age changes that took effect in July, said the higher retirement age could affect workers who want to retire but feel compelled to keep working to avoid forfeiting their benefits.
The commenter shared: "My mum's ex company ties retirement benefits to the official retirement age, so the goalpost keeps moving. She wanted to stop at 62, but the goalpost moved to 64 this year. She gave up wanting the benefits and retired anyway. It's a shame because the benefits would be substantial considering she's been at her ex company for over 30 years."
Younger commenters also shared that while they felt the change was a “good thing” because it would allow their parents to “stay employed and be protected” if they wish to continue working, they felt it would “just take away more jobs from the younger generation”.
“We share the same pool; I hope people don't forget about this,” one commenter said.
Meanwhile, another commenter suggested that workers in their 60s could work 20 hours a week for half their usual pay, focusing on training fresh graduates while allowing employers to hire more younger workers.
The new retirement and re-employment ages, effective in 2029, are part of the six recommendations of the Tripartite Workgroup on Senior Employment (TWG-SE), which has been fully accepted by the government. The ministry said the government will work closely with tripartite partners and industry stakeholders on their implementation, with details of the various measures to be released in the first half of next year.
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Other measures outlined in the TWG-SE report include extending wage support for employers who re-employ senior workers, providing more support for lower-wage seniors and increasing financial assistance for senior workers who are not re-employed.
To read the six measures recommended by the TWG-SE to support senior workers, check here. /TISG