Retirement and Re-Employment Ages in Singapore to Increase: What Organisations in Singapore Need to Know Ahead of the Changes

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On 18 August 2019, Singapore Prime Minister Lee Hsien Loong made his National Day Rally speech in which he outlined among other things, the following changes that would affect the employment landscape in Singapore:

1. By 2030, the statutory retirement and re-employment ages will be increased from 62 to 65 and 67 to 70 respectively;
2. Central Provident Fund ("CPF") contributions for employees above 55 will be raised gradually year on year starting from 2021 to 2030.

The specific changes to be made to the relevant legislations have yet to be released, although more details are likely to be shared in Q4 2019. Organisations in Singapore should be aware of these upcoming changes and take steps to be ready for them