Reminder: Retirement age in Singapore to increase to 63 starting from 1 July 2022
In tandem, the re-employment age can even be elevated from 67 to 68.
Singapore’s Ministry of Manpower (MOM) will probably be commencing its measures to help senior employees starting 1 July 2022.
As a part of the hassle, the retirement age will probably be elevated from 62 to 63, whereas the re-employment age will probably be elevated from 67 to 68. Employees employed at age 55 and above will qualify for re-employment if they’ve labored for a similar employer for at the least two years.
These measures will allow extra senior employees to proceed working if they need to, and supply a bigger pool of employees for companies, MOM mentioned.
Initially introduced on 2 November 2021 in a speech by Minister for Manpower Dr Tan See Leng, these raises are a part of amendments to the Retirement and Re-employment Act, to set up the utmost attainable statutory retirement and re-employment ages at 65 and 70. As such, the Government accepted the Tripartite Workgroup on (*63*) Workers’ suggestions to increase the retirement and re-employment ages to 65 and 70 respectively by 2030.
While the primary shifts of the retirement age to 63 and the re-employment age to 68 will take impact from 1 July 2022, the timing of subsequent shifts will probably be topic to the tripartite companions’ settlement.
It needs to be famous that with the above shifts, there will probably be no adjustments made to CPF withdrawal ages. Dr Tan harassed in his November 2021 speech: “The present payout eligibility age of 65 strikes a steadiness between well timed entry to retirement revenue, and gives adequate runway for members to construct up financial savings for retirement, particularly as Singaporeans are anticipated to stay longer.
“Members continue to have the option to defer payouts for higher monthly payouts.”
Lead picture / Singapore Ministry of Manpower Facebook
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Retirement age in Singapore to increase to 63 starting from 1 July 2022 & More Latest News Update
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