Written Answer to PQ on Increase in Retirement and Re-employment ages
NOTICE PAPER NO. 2194 OF 2023 FOR THE SITTING ON 18 SEPTEMBER 2023
QUESTION NO. 5126 FOR ORAL ANSWER
MP: Mr Keith Chua
To ask the Minister for Manpower what are the key considerations of the tripartite partners to bring forward the increase in the retirement age and re-employment age for Singapore workers to 65 and 70 respectively before 2030.
Answer:
As our population is ageing, the tripartite partners have committed to raising the statutory retirement and re-employment ages to 65 and 70 respectively by 2030. The first increase to 63 and 68 took place on 1 July 2022.
2. The timing of future increases to the retirement and re-employment ages will be discussed and decided by tripartite partners, taking into account factors such as prevailing economic and labour market conditions, and the need to allow businesses sufficient lead time to prepare and make the necessary adjustments.