If you haven’t watched my video on retirement age increasing in Singapore, you should:
Even if you are far away from retirement age, the increase in retirement age is something that affects you, and there are steps you can and should take before 1st July 2022.
Retirement age is increasing
For some context on what is happening: from 1st July 2022, the retirement age in Singapore will officially increase from 62 to 63, and the re-employment age will increase from 67 to 68. By 2030, the government intends to gradually increase the retirement age to 65, and the re-employment age to 70.
What is retirement age and re-employment age?
The retirement age in Singapore disallows employers from dismissing employees because of the employee’s age. For the avoidance of doubt, this does not mean that Singaporeans are mandated to work until retirement age. It is protection against ageism for older Singaporeans who wish to continue working.
Upon reaching the re-employment age, employers must offer re-employment to employees as...