IPOH: The government will study the proposal to increase the retirement age from 60 to 65 as practised in several developed countries including Singapore. Human Resources Minister M. Kula Segaran (pix) said the ministry will discuss the matter with the Finance Ministry before making a decision. “We have given our opinion and have forwarded the matter to the Finance Ministry, including a request to increase the cost of living allowance (Cola),” he said. Kula Segaran was speaking to reporters at a programme to plant trees held at Taman Dr Seenivisagam, Ipoh here today. Also present were Kepayang exco Dr. Ko Chung Sen and Ipoh Mayor Datuk Ahmad Suaidi Abdul Rahim. Yesterday, the Malaysian Trade Union Congress (MTUC) urged the government in Budget 2020 to introduce the Cola monthly allowance of RM500 or more to private sector employees and increase the mandatory retirement age to 65 years. Asked if the proposal could affect employment opportunities for the younger generation, … [Read more...] about Govt will study proposal to increase retirement age: Kula
Latest news on raising retirement age to 62
Singapore's official retirement age is gradually being raised from the current age of 62 to 65 by 2030. Here are two alternative scenarios to consider when planning for retirement. The official retirement age in Singapore is currently 62. But PM Lee Hsien Loong unveiled plans during the 2019 National Day Rally to gradually raise the current official retirement age of 62 to 65 by 2030. It also plans to raise the "re-employment age" - the age at which employers must offer re-employment to eligible employees - from 67 to 70 by the same time frame. Here's what that looks like: 2019 2022 By 2030 Retirement age 62 63 65 Re-employment age 67 68 70 raise current official retirement age of 62 to 65 by 2030 re-employment age will be raise from 67 to 70 by the same time frame. What's the difference between retirement age and re-employment age? Currently, the minimum retirement age is 62. What that means is that it's against the law for your company to ask you to retire before … [Read more...] about What’s the ‘correct’ retirement age in Singapore?
The Institute of Policy Studies (IPS) has recommended that the retirement age be tied to a dynamic life expectancy measure. Its suggestions come ahead of planned updates from a tripartite workgroup about changing retirement and re-employment ages. The IPS said in a policy brief released on Monday that these ages should be based on health-adjusted life expectancy (Hale), which is the average number of years a Singapore resident might be expected to live in full health. It suggested setting the re-employment age as Hale but with a 10-year lag, rounded down to the nearest whole number, and the retirement age five years below the re-employment age. This means the re-employment age in 2029 would be 74, as Hale is now 74.2 years. This is 12 years above the current statutory retirement age of 62 and seven years above the re-employment age of 67. Employers cannot dismiss workers on the grounds of age before they reach the retirement age and they must offer eligible staff work up to the … [Read more...] about IPS: Tie retirement age to changing life expectancy
An update on raising the retirement and re-employment ages will be available by September, Manpower Minister Josephine Teo said in a Facebook post yesterday. The Tripartite Workgroup on Older Workers is looking at how far and how fast the retirement and re-employment ages should be raised beyond 62 and 67, respectively. The Manpower Minister had announced in March that representatives from the Government, unions and employers had reached a consensus on the need to raise the two ages. They have been studying this issue and others since May last year. "There has been very good progress and a meeting of minds on how far and how fast both ages should be raised," Mrs Teo said in the Facebook post while attending the International Labour Conference (ILC) in Geneva. "Besides attending the ILC together, there were many working discussions between the tripartite leaders on implementation details, including support to employers." The workgroup is chaired by Permanent Secretary for Manpower … [Read more...] about Update on raising retirement age to be out by September
SINGAPORE: The tripartite consensus to raise the retirement age and re-employment age beyond 62 and 67 respectively is a “significant milestone” that will provide more assurance to seniors who wish to continue working, Manpower Minister Josephine Teo said on Monday (Apr 29).“I am confident it will motivate both workers and employers to invest in skills upgrading and job redesign for older workers,” she said in her May Day Message.The tripartite workgroup was set up last May to look at whether the current retirement age and the re-employment age need to be changed, as well as examine the impact of CPF contribution rates on retirement adequacy of older workers, among other things.In March, Mrs Teo had announced during her ministry’s Committee of Supply debate that the Government, unions and employers had reached a consensus on the closely-watched issue. During the Budget debates, Nominated MP and veteran unionist Arusu Duraisamy had asked for … [Read more...] about Consensus to raise retirement, re-employment age ‘a significant milestone’: Josephine Teo