Retirement, re-employment ages set to rise

The age from which CPF members can withdraw their payouts will stay unchanged at 65, said Manpower Minister Josephine Teo.
The age from which CPF members can withdraw their payouts will stay unchanged at 65, said Manpower Minister Josephine Teo.PHOTO: ST FILE

The retirement and re-employment ages are set to be raised beyond 62 and 67, respectively, now that the Government, unions and employers have come to an agreement on the matter.

Manpower Minister Josephine Teo, in sharing an update by the Tripartite Workgroup on Older Workers, called the tripartite consensus a "significant milestone".

The age from which CPF members can withdraw their payouts will stay unchanged at 65 even with the changes, she said yesterday.

Mrs Teo told Parliament that the workgroup believes a higher retirement age will motivate workers and employers to invest in skills upgrading and job redesign for older workers. And, the re-employment age remains useful. The workgroup, which plans to release fuller recommendations later this year, will work towards an agreement on how far and how fast the ages should be raised.

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A version of this article appeared in the print edition of The Straits Times on March 06, 2019, with the headline 'Retirement, re-employment ages set to rise'. Print Edition | Subscribe