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Retirement Age to be 65 (2019 update)


Ct3833
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Lai liao , lai liao.

 

 

Singapore’s retirement age will increase in phases from 62 to 65 by 2030, Prime Minister Lee Hsien Loong announced on Sunday (18 August), as part of measures to support older workers and companies that employ them.

 

Speaking at the 2019 National Day Rally, Lee said that the re-employment age will also be increased from 67 to 70 by 2030.

 

https://sg.yahoo.com/news/ndr-2019-retirement-age-to-rise-progressively-to-65-by-2030-reemployment-age-at-70-by-then-pm-lee-134532800.html

 

I think this is a good move to ensure employers wont simply retire their older workers. At least an employer must pay his staff retrenchment fees if the company decides not to use him, though retrenchment sum is not significant signficant I sgp.

Raising CPF contributions for above age 55 is not necessary, but anyway CPF can be withdrew after age 55, so it does not matter, if one needs more cash, he just need to go withdraw from CPF OA account since he has reached the CPF withdrawal age 55.

 

The other Important consideration is medical, if one is employed, his medical is covered to some extent, once he leaves the workforce, his medical will be out of his own pocket, the medical amount can be substantial from time to time.

 

But hope these are the precursor for them to increase cpf withdrawal age limit or to extend the starting age of CPFLife.

Edited by Ct3833
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I dont know

I just hope i can continue my asst to manager job at sungei kadut.

$1800 pm , peaceful life, can already.

No pomp, no bright lights.

 

Good luck to everyone

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does not matter ... as long as property loan is extended to 70 ... huat ah!

 

wah... 70 yo still got enough energy for storeman job?

Edited by Wt_know
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does not matter ... as long as property loan is extended to 70 ... huat ah!

 

 

wah promoted to Asst Manager liao la ... must be high achiever ...

every 2 year promote type

by 70 reach Chairman level .... lol

Wah lau read properly

Asst to manager

Not asst manager

 

*facepalm*

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Lai liao , lai liao.

 

 

Singapore’s retirement age will increase in phases from 62 to 65 by 2030, Prime Minister Lee Hsien Loong announced on Sunday (18 August), as part of measures to support older workers and companies that employ them.

 

Speaking at the 2019 National Day Rally, Lee said that the re-employment age will also be increased from 67 to 70 by 2030.

 

https://sg.yahoo.com/news/ndr-2019-retirement-age-to-rise-progressively-to-65-by-2030-reemployment-age-at-70-by-then-pm-lee-134532800.html

 

I think this is a good move to ensure employers wont simply retire their older workers. At least an employer must pay his staff retrenchment fees if the company decides not to use him, though retrenchment sum is not significant signficant I sgp.

Raising CPF contributions for above age 55 is not necessary, but anyway CPF can be withdrew after age 55, so it does not matter, if one needs more cash, he just need to go withdraw from CPF OA account since he has reached the CPF withdrawal age 55.

 

The other Important consideration is medical, if one is employed, his medical is covered to some extent, once he leaves the workforce, his medical will be out of his own pocket, the medical amount can be substantial from time to time.

 

But hope these are the precursor for them to increase cpf withdrawal age limit or to extend the starting age of CPFLife.

 

There is no requirement for retrenchment benefits to be paid in SG leh. But yes, it makes it somewhat more difficult of the company to get rid of older workers.

 

On the flip side, it also makes middle aged workers harder to employ. 

Edited by Kusje
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There is no requirement for retrenchment benefits to be paid in SG leh. But yes, it makes it somewhat more difficult of the company to get rid of older workers.

 

On the flip side, it also makes middle aged workers harder to employ.

there are many, many ways to get rid of employees so long you know how to walk the grey line
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There is no requirement for retrenchment benefits to be paid in SG leh. But yes, it makes it somewhat more difficult of the company to get rid of older workers.

 

On the flip side, it also makes middle aged workers harder to employ.

Yah lor, like me, unemployed since late 2015....

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So now 50 years of age is like late middle age. Lol.

Due to longer life and longer retirement age, now 50 year old of age indeed still very young.

Edited by 13177
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Due to longer life and longer retirement age, now 50 year old of age indeed still very young.

 

 

but every one says its almost impossible to get a job at that age...

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