A new Singapore employment law which will affect everyone is finally moving ahead. Prime Minister Lee Hsien Loong stated that the statutory retirement age will be raised gradually from 62 to 65 by 2030. This move to increase the retirement age is the first time in 20 years that this will go up.
This was clearly stated in his National Day speech in the year 2019. The re-employment age will also rise from 67 to 70. Thus bosses must continue to hire eligible staff. This move has been taken due to the current low birth rates. It is projected that one in four Singaporeans will be 65 and older by the year 2030.
The decision to increase the retirement and re-employment ages was due to recommendations given last year by the Tripartite Workgroup on Older Workers comprising government, employer and union representatives.