On July 1, 2026, Singapore will raise the age at which workers can quit from 63 to 64, and the age at which they can start looking for work again from 68 to 69. This means that workers who choose to stay on the job longer will have more legal protection up to age 64, and employers are expected to give suitable workers the chance to get back to work up to age 69, with different conditions if needed.
Singapore’s new retirement age changes for 2024 do not affect the ages at which you can pay into or take money out of your CPF. The Minister of State for Manpower, Gan Siow Huang, gave the timeline during a talk in Parliament about his ministry’s budget by the Committee of Supply. The most recent raise in the age limits for retirement and getting a job again happened in 2022.
Singapore New Retirement Age 2024 Changes
Starting in 2026, Singapore’s retirement age will go up by one year, so workers can only be asked to leave their jobs when they are 64 years old. This is part of the plan to raise Singapore’s retirement age to 65 over time, by 2030. In March, Minister of State for Manpower Gan Siow Huang said in parliament that the age to re-enter the workforce will also go up to 69 in 2026. Because of this, companies have to hire people again until they turn 69 years old.
By 2030, you will have to be 70 years old to apply again. People from Singapore and permanent residents who meet the job standards and are medically fit to work again can get a job again.
People who started working for the company after they turned 55 are also qualified if they did their current job for at least two years before they turned 55. The reemployment contract must have a minimum time of one year and be renewed every year. In 2019, it was said that workers might be asked to leave at age 62 as part of a plan to raise the ages of retirement and reemployment.
Changes From The New Retirement Age
As of 2024, Singapore’s “New Retirement Age” of 63 will not change. The government said that the retirement age would go up in the future. In July 2026, the minimum retirement age will rise from 63 to 64. The new rule on retirement age lets companies give senior workers flexible work hours.
As a result, the age of retirement will rise to 70 in 2030 and to 69 in 2026. Even though the retirement age will not go up in 2024, the planned raises will still have the following effects:
As an Employer
More Talent Options: Companies will be able to hire experienced professionals from a larger pool, which is great news for fields that are struggling to find workers with the right skills.
Changing Work Practices: In order to support senior employees, companies may need to change the way they do things. This could mean dealing with higher healthcare and payment costs as well as making work schedules more open.
For Staff Members
Better Job Security: People who stay in their jobs longer tend to save more money for retirement, which makes them safer.
More choices and freedom: Employees can keep working if they want to, whether it is for personal satisfaction, extra money, or social interaction.
Coming Problems: Not all top employees may be able to work long hours, which could cause problems at work.
Financial Impact: Is the Amount Changing?
Official notices say that the Central Provident Fund (CPF) release limits and the situations in which they can be used have not been changed yet. Because people are working longer and the economy is changing, the government will likely keep looking at these rules and making changes. The CPF is a required savings plan for people who want to get social security and retirement payments. There will be no changes to the minimum amount you need to keep in your CPF account or the age at which you can take money out.
The ERS (Enhanced Retirement Sum) cap will ood news. This means that you can now use programs like the Retirement Sum Topping-Up plan to save more for retirement. This could lead to higher CPF LIFE payouts, which are meant to provide cash in retirement. No matter when you want to leave, it is important to make plans for the future. Everyone has different needs in retirement, so think about the level of living you want, the costs you expect, and your way of life.
Why the Change?
Singaporeans are living longer and are healthy. To help older workers and give them the choice to work longer if they want, employment laws need to be changed to reflect this change in the population.
Singapore wants to make sure it can stay viable as its population ages. To do this, it wants to keep its economy strong and reduce the financial strain on its social security systems by pushing older people to keep working.
My take on this change
Singapore raised its retirement age as part of a bold plan to deal with population issues and keep the economy going. These changes could be very good for both employers and workers, but they could also be hard in some ways. Singapore can handle this change in its population by being flexible and open to new ideas, which will be good for everyone.
The CPF system makes sure that everyone can retire, and the government also helps people save for their future. Singapore tries to keep a good workforce by meeting the needs of an aging community. People who want to work will be able to keep doing so, which will help them save more for retirement and be more financially stable overall.