Retirement Age To Be Raised To 64 And Re-Employment Age To 69 In 2026

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On 4 March 2024 at the Ministry of Manpower Committee of Supply 2024, it was announced that the retirement age in Singapore will be raised to 64...
Singapore Employment and HR
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On 4 March 2024 at the Ministry of Manpower Committee of Supply 2024, it was announced that the retirement age in Singapore will be raised to 64, while the re-employment age in Singapore will be raised to 69 in 2026.

Currently, the retirement age is 63, while the re-employment age is 68. By 2030, the retirement age is expected to be 65 and the re-employment age is expected to be 70.

There are various initiatives provided by the Singapore government to support employers with the re-employment of their eligible employees, as follows:

Part-time Re-employment Grant ("PTRG")

The PTRG provides up to S$125,000 to employers who meet the relevant eligibility requirements and who offer part-time re-employment, other flexible work arrangements, and structured career planning to their senior workers.

If the company is eligible for the PTRG, the company can get S$2,500 per resident senior worker (age 60 and above), capped at a total of S$125,000 per company.

Senior Employment Credit ("SEC")

The SEC provides wage offsets for employers who employ Singaporeans aged 60 and above who are earning up to S$4,000 a month. The wage support ranges up to 7%, depending on the employee's age.

Further information on the current retirement and re-employment practices in Singapore, including eligibility requirements, etc., can be found here.

Further information on the PTRG and SEC and their eligibility requirements can also be found here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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