Singapore Brings Forward Higher Retirement Age to 2029, Adds Support for Older Workers
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The Singapore government has announced that the retirement age and re-employment age will be raised earlier than planned, with the change now set for 2029. The decision was made as part of a set of measures agreed by the tripartite partners, which bring together the government, employers and unions.
The new measures also include more support for flexible jobs for older workers. Flexible work arrangements can help people who want to keep working but need more time for family, health or other commitments. The government hopes these options will make it easier for seniors to stay in the workforce.
Another part of the package is higher tax relief for working seniors. This means that workers aged above a certain age may be able to pay less tax on their income. Officials say the aim is to encourage more older Singaporeans to remain in employment and to recognise their contribution to the economy.
The changes reflect Singapore's ageing population, as more residents move into their senior years. For many workers, the new rules will mean they can continue working for longer, with more choices about how they do their jobs. Further details on how the measures will be implemented are expected in the coming months.
Sources: CNA
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