Part of a phased approach to adjust retirement policies with a target of 65 and 70 by 2030
As part of ongoing adjustments to its retirement and re-employment policies, Singapore will raise the retirement age to 64 and the re-employment age to 69 in 2026. This move is in line with a gradual plan to reach 65 and 70 by 2030.
Minister for Manpower Tan See Leng announced the decision during the Committee of Supply debate in Parliament on March 4. This follows the previous increase in 2022, when the retirement age was raised to 63 and re-employment age to 68. The new adjustments were made possible by a tripartite agreement following successful implementation of the 2022 changes.
The initiative, recommended by the Tripartite Workgroup on Older Workers in 2019, aims to better support senior workers. In 2023, over 90% of eligible senior workers who wished to continue working were offered re-employment opportunities. Minister of State for Manpower Gan Siow Huang highlighted the need for employers to plan early and adjust their strategies to retain and upskill senior workers.
The National Trades Union Congress (NTUC) expressed support for the move, emphasizing its potential to improve retirement adequacy for senior workers. Meanwhile, the Singapore National Employers Federation (SNEF) endorsed the increase but requested additional support for employers, such as extending the Senior Employment Credit scheme beyond 2025 and increasing the salary cap for wage offsets.
