Singapore Manpower Minister Tan See Leng announced on Tuesday, March 3, that the retirement age in Singapore will be raised to 64 from July 1, while the re-employment age will be increased to 69.
The latest move keeps the country on track to reach a retirement age of 65 and re-employment age of 70 by 2030. Speaking at the Ministry of Manpower's budget debate, Dr. Tan said that the changes will give seniors "more flexibility and assurance", while allowing employers to retain experienced workers.
Senior Minister of State for Manpower Koh Poh Koon added that the adjustments go beyond legal limits, helping to shape social norms around ageing and work.
More than 90% of eligible employees who wish to continue working are offered re-employment, and labour force participation among residents in their 60s has risen from about 58% to nearly 60% over the past five years.
To support businesses, the Singapore government will also extend the Senior Employment Credit and the Part-Time Re-Employment Grant until December 2027.
CPF contribution rates for workers aged above 55 to 65 will also rise from 2027, with a one-year extension of the CPF Transition Offset to ease cost pressures on employers.
In addition, eligible individuals aged 50 and above with lower CPF balances will receive a top-up of up to S$1,500 in December. A new low-cost CPF investment scheme is also slated for launch in the first half of 2028 to help members grow their retirement savings.
Dr. Koh further added that the efforts are also under way to help older workers remain employable, including expanded career guidance programmes and closer collaboration with employers to support job redesign and long-term career planning.
