Personal Finance
Misconception of Re-Employment Age Extension
By Investment Stab  •  January 11, 2017
Singapore Parliament have recently made changes to the Retirement and Re-employment Act, these changes will act to protect and encourage older workers to participate in Singapore's economy.

Some of the changes made includes:

  1. Companies must now offer employees the eligibility to work until 67. Previously it was until 65.
  2. Companies are not allowed to reduce the salary of employees who turn 60 from July onwards.
  3. If the company is unable to find work for the older employee, the company can
    • transfer the older employees to their subsidiaries 
    • transfer the older employees to other companies if the employee agrees to the transfer
  4. If companies cannot continue employing the older employee at age 62, the company is required to pay a one-time Employment Assistance Payment to that employee, pegged at 3.5 times the employee's monthly salary.

Recommended Read: Singapore Stock Market: Outlook


Common Misconceptions: Re-employment age increased from 65 to 67. ......
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By Investment Stab
We are a group of Singaporean students who are curious and interested in Finance. As we dive deeper into this area in search of more knowledge, the more debates and differences we have. We also realised that financial literacy is not strongly inculcated in the younger generations, leading to numerous costly mistakes. Some of such includes believing in "high profiting" scams such as land banking and buying unnecessary investment schemes which are often motivated by the salesperson's personal interest ...
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