Singaporeans share mixed reactions about new retirement age, re-employment age

Singapore's statutory retirement and re-employment ages are set to change, with the retirement age increasing to 65 and re-employment age to 70, effective January 1, 2029. The Ministry of Manpower (MOM) announced the change, stating it aims to provide more options for older workers and support employers in retaining their strengths. However, Singaporeans have expressed mixed reactions to the news.

Some commenters on r/singapore felt that the higher retirement age could negatively impact those who wish to retire but are compelled to keep working to avoid losing their benefits. One commenter shared that their mother had to give up her retirement benefits due to the changes, which took effect in July, as her company ties retirement benefits to the official retirement age.

Younger commenters expressed that while they saw the change as beneficial for their parents, they worried it would "take away more jobs from the younger generation." They suggested that workers in their 60s could work reduced hours, such as 20 hours a week at half pay, focusing on training fresh graduates and enabling employers to hire more younger workers.

The new retirement and re-employment ages are part of six recommendations from the Tripartite Workgroup on Senior Employment (TWG-SE), all of which have been accepted by the government. The ministry will work closely with tripartite partners and industry stakeholders to implement these measures, with more details expected to be released in the first half of next year.

Other proposed measures include extending wage support for employers who re-employ senior workers, providing additional support for lower-wage seniors, and increasing financial assistance for senior workers who are not re-employed.