Retirement age will be raised from 62 to 63

15/10/2021

ALL EMPLOYERS TO NOTE!!

With effect from 1 July 2022, the retirement age in Singapore will be raised from 62 to 63, and the re-employment age from 67 to 68. This is part of a gradual increase that will ultimately set the retirement age at 65 and the re-employment age at 70 by 2030.

In addition, the raising of Central Provident Fund (CPF) contribution rates for senior workers will also go ahead on Jan 1, 2022, “barring any unforeseen circumstances”, per MOM.

Half of the increase will be absorbed for employers through the CPF Transition Offset scheme. The Senior Employment Credit will also provide up to 8 per cent of wage offset for the next two years until the end of 2022, with a possible extension later.

More details can be found at MOM and CPF websites.

Feel free to contact us if you are needing financial consultancy at +65 66363691, +65 9326 2271 or info@lnmsolutions.com!

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