Singapore to raise retirement age to 64, re-employment age to 69 in July 2026

Singapore will be raising its retirement and re-employment ages this year to support senior workers, Minister for Manpower Dr Tan See Leng said. 

Amid a declining labour force participation rate and an ageing population, the Ministry of Manpower (MOM) will be raising the retirement and re-employment ages to 64 and 69 on July 1, said Dr Tan during the Committee of Supply debates in Parliament on Tuesday (March 3).

"As Singaporeans lead longer and healthier lives, we must shift from managing the pressures of ageing, to the benefits of career longevity," he said, adding that raising the retirement age will give seniors more flexibility and assurance while enabling employers to retain experienced workers.

According to Dr Tan, the increments made this year will also keep Singapore "on track to raising (the retirement and re-employment ages) to 65 and 70 by 2030".

Supporting senior workers

"Beyond how long we work, we must also transform how effectively we work — by creating more flexible and varied pathways for seniors to remain engaged and be productive," the minister said.

As previously announced by Prime Minister Lawrence Wong on Feb 12 during his Budget statement, MOM will be extending the Senior Employment Credit until December 2027 to continue supporting employers hiring senior workers.

At the same time, senior workers will also be supported through increased CPF contribution rates.

From 2027, CPF contribution rates will be raised by 1.5 percentage-points for workers aged above 55 to 60, and 1 percentage-point for workers aged above 60 to 65, strengthening retirement adequacy for those who continue working.

Later this year, MOM will also announce the new retirement sums for cohorts beyond 2027, to allow members to plan ahead, said Dr Tan.

@asiaone Singapore will raise the retirement and re-employment ages to 64 and 69 respectively on July 1 this year. These will be raised to 65 and 70 by 2030. #sgnews #Singapore #Parliament #Manpower #Retirement #Employment #Seniors ♬ original sound - AsiaOne

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dana.leong@asiaone.com