Retirement and Re-Employment Age To Be Raised
The Tripartite Workgroup on Older Workers is looking to raise the retirement and re-employment age.
Manpower Minister Josephine Teo called the consensus a siginifant milestone. “This is because our people enjoy more years of good health and remain productive at work,” she said. “A higher retirement age will motivate both workers and employers to invest in skills upgrading and job redesign for their older workers.”
Responding to calls that the retirement age be removed completely, Mrs Two said that having a statutory minimum retirement age acts as protection for workers.
“When a company removes the retirement age from its HR policy manual, it is good news for its workers,” she said. “But if the retirement age is removed from the law, it is bad news.”
“It means the employers no longer have any obligation to keep their workers up to any age. In other words, any employer can retire any worker at any age.”
The tripartite group will now look at how far and how fast the ages should be raised.
Nevertheless, the CPF payout eligibility age will remain at 65.