Singapore’s retirement age will increase to 64 and re-employment age to 69 from July 1, progressing towards 65 and 70 by 2030. (BT FILE)
On March 3, Singapore announced that it will raise its retirement age to 64 and re-employment age to 69 from 1 July, said Manpower Minister Tan See Leng, keeping the country on track to reach 65 and 70 respectively by 2030. The move aims to support older workers while helping employers retain experienced staff. Support measures, including the Senior Employment Credit and Part-Time Re-Employment Grant, will be extended to end-2027.
CPF contribution rates for those aged above 55 to 65 will increase from 2027, with a CPF Transition Offset to cushion employers’ costs. The Central Provident Fund (CPF) is Singapore’s mandatory social security savings scheme, where employers and employees contribute to fund retirement, healthcare and housing needs. Eligible individuals aged 50 and above with lower balances will receive CPF top-ups of up to S$1,500 (US$1,170), and a new low-cost CPF investment scheme is targeted for launch in 2028.
Employers will need to plan for longer working lives, higher CPF contribution costs and more structured career planning for mature workers. While wage offsets provide short-term relief, firms should invest in job redesign, skills upgrading and flexible work arrangements to retain experienced employees and sustain productivity in an ageing workforce.
About The Author
