The majority of Singaporeans aged 50 and above support raising the re-employment and retirement ages, according to a survey on workplace support.
The survey, conducted by the PAP Seniors Group and National Trades Union Congress U Women and Family, gathered the views of 1,471 working individuals aged 50 and over. Among the respondents, 87.9% supported a retirement age of 63 years and higher, and 80% supported an official re-employment age of 68 and above.
The government has announced that it will progressively raise the retirement and re-employment ages to 65 and 70, respectively, by 2030. Manpower Minister Tan See Leng said that the government will provide more support to employers and workers to make this transition.
Some of the support measures include:
- Gradually raising CPF contribution rates for senior workers aged 55 to 70
- Enhancing existing schemes like the Silver Support, Workfare, the Matched Retirement Savings Scheme
- Providing a CPF bonus of between $400 and $1,000 every year to lower- and middle-income workers who remain in the workforce
- Providing a Retirement Savings Bonus of between $1,000 and $1,500 to seniors with less wealth and CPF savings
- Providing a one-off MediSave Bonus of between $500 and $1,000 to seniors with less wealth
He also said that the government will continue to work with employers to promote fair and inclusive workplaces, and to combat age discrimination.
He added that he hopes to build a culture of the 3Rs: Respect, Regard and Recognition towards the older generation.
