Singapore Retirement Age Changes 2024: Find more Updates

Get the latest information and updates on Singapore Retirement Age Changes 2024: New Retirement Age and Conditions Announced. The retirement and reemployment age increase opens up more options for senior citizens to work for extended periods in the labor market. This article will briefly overview the modifications to Singapore’s retirement age.

Singapore Retirement Age Changes 2024

Most citizens expressed a desire to work, and in response, the government raised the retirement and reemployment ages. 90% of working seniors remained in the workforce and were provided a variety of reemployment alternatives. However, it may have unintended repercussions in addition to its benefits. For example, a generation gap between younger and older employees caused workforce dynamics. Differences in people’s ideas and backgrounds, as well as rapid technological change, will be exacerbated. The government intends to implement Workplace Fairness Legislation to protect senior workers’ welfare, which may prohibit specific workplace dynamics.

Singapore Retirement Age Changes 2024_ Find more Updates

Singapore’s New Retirement Age:

The government announced plans to raise the retirement age of senior workers in response to the demand for them to stay in the workforce for extended periods. The previous year, the retirement age was raised to 63, and the reemployment age to 68. The Singapore government recently announced that it will raise the retirement age for senior workers to 64 and the reemployment age to 69 in 2026. The government evaluated four measures while determining its action: government support, life and healthy year expectancy, timing and tempo, and reemployment terms. The government examined these essential variables, and the age requirements will be enforced gradually until the target ages are met by 2030. This allows seniors to support themselves financially while contributing to the country’s economy.

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Singapore’s New Retirement Age Conditions:

This chapter will explain the Singapore Government’s new retirement age conditions, which are broken down as follows:

⦁ Senior citizens must have confirmed citizenship in Singapore.
⦁ Employees must begin working for their employers before age 55 and serve for at least two years before age 63.
⦁ The employer’s appraisal must have resulted in satisfactory work performance.
⦁ Senior workers must be medically fit to continue working.

According to the Retirement and Reemployment Act (RRA), employees must work for at least 63 years before retiring. The employer will not terminate any employee before they reach the retirement age.

Singapore Government Support Grants:

In 2026, the Singapore government announced a change in the retirement and reemployment ages to 64 and 69, respectively. Furthermore, the government has agreed to raise the retirement age to 65 and the reemployment age to 70 by 2030. In addition, the government offers a variety of Support Grants, which include:

⦁ Part-time Reemployment Grant (PTRG) – Employers who give senior workers part-time reemployment, systematic career planning, and flexible working arrangements will get up to S$125,000. The eligible company will get S$2,500 PTRG for each resident senior worker aged 60 and up. However, the grant is limited to S$125,000 per company.
⦁ Senior Employment Credit (SEC) – Wage offsets are offered to eligible firms that employ senior workers aged 60 and up with a monthly salary of S$4,000. The salary support varies with age, ranging from 7 to 8%.
⦁ Healthcare perks – An employer should consider restructuring healthcare benefits. Furthermore, businesses must offer flexible benefits and MediSave contributions. These may be used to pay an employee’s MediShield Life or Integrated Shield Plan premiums.

Important Updates:

Senior workers’ retirement and reemployment ages will rise in 2026. Individuals can continue to contribute to the country’s economy for several years. However, seniors are not entitled to the adjustments, which are listed below:

⦁ Public officers in the Police, Prison, Narcotics, Civil Defense, and Corrupt Practices Investigation (Junior and Senior) Services.
⦁ Singaporean Armed Forces personnel.
⦁ Cabin crew aboard commercial aircraft.
⦁ Employees working 20 hours or fewer per week.
⦁ Employees who had worked for the company for less than two years and were over 55 were hired first.

Certain other employees are also excluded from age-based reemployment requirements. Viewers can check the Singapore Government’s official website for the most up-to-date information.


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