Dr Tan See Leng, Minister for Manpower, mentioned on 1 November 2021 that there will be changes made to the Retirement and Re-Employment Bill 2021.
The current Retirement and Re-Employment Ages of 62 and 67 years old respectively will be raised to 63 for retirement and 68 for re-employment on 1 July 2022.
This is in line with the recommendations from the Tripartite Workgroup on Older Workers, which the Government accepted back in 2019. The plan is to increase the Retirement and Re-Employment Ages to 65 and 70 years old respectively by 2030. The amendments to the bill will continue to aid elderly Singaporeans who are continuing to work, enabling them to plan their retirements.
The CPF withdrawal age will not be affected by these amendments.
For more information, please refer to MOM’s website: https://www.mom.gov.sg/newsroom/press-releases/2021/1101-retirement-and-re-employment-amendment-bill-2021-and-cpf-amendment-bill-2021