Six things older workers need to know

1 Central Provident Fund (CPF) withdrawal age of 55

Workers who reach 55 can withdraw a portion of their CPF savings, after setting aside a Minimum Sum for their retirement and medical needs. Those who cannot meet the Minimum Sum - currently $148,000 but increasing to $155,000 from July 1 - can still withdraw at least $5,000.

Those who have at least $40,000 in their retirement account at age 55 will automatically be enrolled in the national annuity scheme, CPF Life. They will start receiving annuity payments from the drawdown age.

2 CPF drawdown age of 63

From age 63, workers can start receiving monthly payouts from the Minimum Sum that they set aside at age 55.

The payouts could be in the form of annuity payments or balances that are kept with the CPF Board or banks.

The drawdown age will increase to 64 in 2015 and 65 in 2018.

3 Pay cut at age 60

The law allows employers to cut the pay of workers at age 60, even if the workers are doing the same jobs. The pay cut cannot exceed 10 per cent.

This was the compromise reached among employers, unions and the Government when the retirement age was raised from 60 to 62 in 1999.

4 Retirement age of 62

This is the age where workers can choose to stop working, if they want to. Singapore does not have a compulsory retirement age. Rather, there is a statutory minimum retirement age, meaning employers cannot fire workers below the age on grounds that they are too old.

The minimum retirement age is now 62 but the law allows the Manpower Minister to raise it to 67.

5 Re-employment age of 65

This is the age until which employers are required to re-hire older workers who are healthy and whose work performance is satisfactory.

When the law was passed by Parliament in 2011, it set the re-employment age at 65, but there was also a provision in the law for the Manpower Minister to raise the re-employment age to 67.

The Government has made it clear that the re-employment age will eventually be raised to 67, but no timeline has been set.

6 Employment Assistance Payment

This is a one-off "golden handshake" payment that firms can give their older workers who qualify for re-employment, if they cannot find suitable jobs for them within the organisation.

While the payment is required by law, the amount is not stipulated. The National Trades Union Congress, Singapore National Employers Federation and Manpower Ministry recommend that the amount be between $4,500 and $10,000.