Working group set up to review the age of retirement, CPF contributions of older workers to meet this week, Political News & Top Stories

SINGAPORE – Singaporeans living longer and their standard of living improving, it is necessary to re-examine the question of whether they have enough time to retire, said Minister Jose Teo of the Manpower

. Other problems faced by older workers will meet for the first time this week.

In an interview on Thursday, July 26, Ms. Teo said that one in two 65-year-old Singaporeans would live beyond age 85 and that one in three

This means that people will spend more time in retirement and will have to save more during their working years, she added.

People 's expectations have also changed and they may need more money to maintain their standard of living. Ms. Teo added that she had asked the Tripartite Working Group on Older Workers to consider whether any changes were needed with respect to the age of retirement at age 62 and the age of marriage. age of rehiring up to 67, and if so, when they should be done. She also said that the group, chaired by Aubeck Kam, Permanent Secretary of MOM, will conduct group discussions and gather feedback from workers, employers and workers.

She added that she hoped to "shed light on their early thinking" before Parliament debated the budgets of each department during the Supply Committee's discussions next year. .

Ms. Teo, Chief of Labor Ng Chee Meng and Dr. Robert Yap of the National Federation of Singapore Employers (SNEF) are advisors to the group, which includes representatives of the Ministries of the Workforce , Education and Health, as well as the National Union of Trade Unions and the SNEF. Teo also gave an update on the Employment Law Review, Singapore's main labor law, announced in January 2018.

She stated that her ministry anticipates that the proposed changes will be introduced in the European Parliament for debate before the end of the year. "We are making good progress, I think we are on time to get it through before the end of the year," she added.

Currently, professionals, managers and executives earning more than $ 4,500 a month are not covered Act, but with the revision one can grant them the same basic protections as receiving their pay on time.