The National Trades Union Congress (NTUC) said on Friday (Nov 8) it will begin raising its retirement and re-employment ages to 63 and 68 respectively from January 2021, one-and-a-half years ahead of the national schedule.
The raising of the retirement and re-employment ages will involve those in NTUC’s Administration and Research Unit first, before being implemented across the labour movement’s 12 social enterprises from July 2021, Channel News Asia reports.
The move comes after Prime Minister Lee Hsien Loong announced in his National Day Rally speech in August that Singapore’s retirement age will be raised from 62 to 63 in 2022, and 65 by 2030. Similarly, the re-employment age will be raised from 67 to 68 in 2022, and 70 by 2030.
About 430 employees from NTUC and its social enterprises stand to benefit from the early raising of the retirement age, while about 280 workers will benefit from the early raising of the re-employment age, NTUC said.
The labour movement employs about 2,400 workers who are older than the current statutory retirement age of 62.
Deputy Prime Minister Heng Swee Keat, who was guest-of-honour at a dialogue between the 4G leaders and around 150 union leaders on Thursday, said he was “heartened” by NTUC’s “age-friendly workplace practices”.