Singapore’s retirement age to be raised to 64 and re-employment age to 69 in 2026

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:

1. 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.

2. Senior Employment Credit (“SEC”)

The SEC provides wage offsets for employers who employ Singapore 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.