Prime Minister Lee Hsien Loong announced in his National Day Rally speech this year that Singapore will gradually raise the retirement age to 65, and the re-employment age to 70 by 2030.
This is consistent with the trend of postponing the retirement age in most industrialised countries. By 2030, the official retirement age can be expected to be extended to 67 in most Organisation for Economic Cooperation and Development countries. The main motivation for doing so is to compensate for the shrinking working-age population as a result of declining fertility rates since the 1960s.
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