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Changes to retirement age, CPF reassuring

Raising age ceilings and contribution rates helps older workers build up their nest eggs

Whether or not you are planning to work until age 70, the moves to raise the retirement and re-employment age ceilings and to increase Central Provident Fund (CPF) contribution rates for older workers are reassuring.

The statutory retirement age will go up to 63 in 2022 and 65 by 2030. This means workers cannot be dismissed on the grounds of age before they reach the retirement age.

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A version of this article appeared in the print edition of The Sunday Times on August 25, 2019, with the headline 'Changes to retirement age, CPF reassuring'. Print Edition | Subscribe