Ageing Population, Singapore Raises Retirement Age to 64

Singapore’s government will raise the retirement age to 64 from 1 July 2026, with the re-employment age limit increased to 69. The policy is part of a broader plan to tackle an ageing population, driven by low birth rates and high life expectancy. Labour Minister Tan See Leng said the move is a phased step toward raising the retirement age to 65 and the re-employment age to 70 by 2030. ‘This policy gives more flexibility and certainty for senior workers, while enabling companies to retain experienced staff,’ Tan told The Straits Times on Thursday, 5 March 2026. Senior Minister of State for Manpower Koh Poh Koon explained that the change is not merely about setting a legal age limit but about forming a social norm around age and work. He said the policy is expected to bolster older workers’ confidence to continue working and provide certainty for companies planning their workforce. Government data show more than 90% of eligible workers who wish to continue working secure re-employment offers. In the last five years, labour force participation among those in their 60s rose from around 58% to nearly 60%; among those in their 50s, participation rose from 79% to 82%. Incentives for firms: the government has extended the Senior Employment Credit to December 2027, and provides wage compensation to help companies adjust to higher retirement and re-employment ages. The Part-Time Re-Employment Grant has also been extended to December 2027 to assist firms in offering part-time options and flexible working arrangements for senior workers. Singapore will also strengthen the Central Provident Fund (CPF) system. From 2027, CPF contribution rates for workers aged 55–60 will increase by 1.5 percentage points; for those aged 60–65, increases will be 1 percentage point, part of broader measures to bolster retirement savings for older workers in line with recommendations from the Tripartite Workgroup on Older Workers formed in 2018. To help firms cope with the cost, the CPF Transition Offset will be extended to December 2027, covering 50% of the CPF contribution increases payable in 2027. Additionally, Budget 2026 includes extra CPF funds of up to SGD 1,500 for individuals aged 50 and above with relatively low CPF balances. The government is pursuing longer careers through various career development programmes. Workforce Singapore (WSG) has run a career guidance programme for workers aged 50–60 with around 1,000 participants and will expand it to reach more workers facing technological changes, sector shifts, and new job roles. The government is also encouraging companies to conduct structured career planning with employees from early in their careers, aligning future skill needs and redesigning work to stay relevant for older workers. A full report from the Tripartite Workgroup on Senior Employment on support for older workers is scheduled for release in the second half of 2026.