Getting the conditions right for older workers

The Government should raise CPF contribution rates for older workers, and it should also peg the retirement age to health-adjusted life expectancy

Singaporeans are not only living longer, they are increasingly working longer too. In the decade from 2007 to 2017, life expectancy for both men and women aged 65 in Singapore increased by 1.9 years to 84.1 and 87.5 years, respectively.

Over the same period, we estimate that the mean effective age of retirement for men and women rose by 3.1 and 3.6 years, respectively. On average, men are effectively remaining in the workforce until 66.1 years, with women retiring at 62.2 years.

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A version of this article appeared in the print edition of The Straits Times on January 05, 2019, with the headline 'Getting the conditions right for older workers'. Subscribe