NDR 2019: New retirement, re-employment ages of 65 and 70 by 2030; higher CPF contributions for older workers

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NDR 2019: New retirement, re-employment ages of 65 and 70 by 2030; higher CPF contributions for older workers
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At a glance: Changes to retirement age and CPF contributions for older workers NDR2019

SINGAPORE: Singapore will raise the retirement age and re-employment age to 65 and 70 respectively by 2030, alongside increases in the Central Provident Fund contribution rates for older workers.

The retirement age, which is currently at 62, will go up to 63 in 2022 before being raised further to 65 by 2030. Those born on or after Jul 1, 1960 will benefit from the higher retirement age of 63 in 2022, while the first tweak in the re-employment age to 68 will apply to those born on or after Jul 1, 1955, according to the Ministry of Manpower.CPF contribution rates will also be raised for workers above the age of 55, announced Mr Lee.

By the time the changes are completed, workers aged 60 and below will enjoy full CPF rates, said the prime minister.The first adjustment in the CPF contribution rates is set for 2021 and will be followed by subsequent increases gradually.

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