Singapore to raise statutory retirement age to 65

Singapore will increase its statutory retirement age from 64 to 65 and its re-employment age from 69 to 70, effective January 1, 2029. This move, implemented one year ahead of the original schedule, aims to address an aging population and provide more options for older workers to remain in the workforce.

The Ministry of Manpower has accepted six recommendations from a tripartite workgroup to support senior employment. Key measures include enhancing the Employment Assistance Payment (EAP) to reflect wage growth, providing tax breaks, and launching a Flexi-Load Programme to help employers offer flexible work arrangements, such as part-time or fractional roles.

While the government aims to create an age-friendly workplace and help employers leverage senior expertise, public reaction has been mixed. Some citizens expressed concerns that moving the goalposts could affect retirement benefits, while others worried that extended employment for seniors might reduce job opportunities for younger generations.