0110 Written Answer by Minister for Manpower Dr Tan See Leng on Re-Employment and Retirement Adequacy
NOTICE PAPER NO. 821 OF 2021 FOR THE SITTING ON OR AFTER 5 NOVEMBER
QUESTION NO. 1331 FOR WRITTEN ANSWER
NMP: Mr Abdul Samad
To ask the Minister for Manpower with regard to eligible workers who were offered and had accepted re-employment after reaching the statutory minimum retirement age in the past five years (a) how many of these workers had dropped out of re-employment and had to retire early before reaching the maximum statutory re-employment age; and (b) how long will their CPF retirement savings last compared to their average life expectancy.
Answer:
1. Well over 90% of resident employees1 who wished to continue working were offered and had accepted re-employment at age 62. This percentage is consistently over 90% for residents reaching each of the subsequent re-employment ages as well.
2. With respect to how long CPF savings can last, all members, regardless of their employment status, can benefit from CPF LIFE which provides them with monthly payouts no matter how long they live. Members are automatically included in CPF LIFE if they meet certain criteria. Members who are not automatically included can opt in to CPF LIFE. For those with low incomes during their working years and now have less in their retirement, the Government provides quarterly cash supplements under the Silver Support Scheme.