SINGAPORE: The retirement and re-employment ages for all National Trades Union Congress (NTUC) employees will be raised from Jan 1, 2025, 1.5 years ahead of the national schedule.
NTUC said in a media statement on Monday (Dec 9) that the retirement and re-employment ages will be raised to 64 and 69 respectively, which is in line with the union's "commitment to age-inclusive employment practices".
About 2,356 employees across NTUC, NTUC Club and NTUC Enterprise, including FairPrice Group, Income Insurance and First Campus, are employed beyond the current retirement age of 63.
Out of those employees, about 448 of them will be able to benefit from the early raising of the retirement age, while about 271 employees can benefit from the re-employment age change.
Minister of State for Manpower Gan Siow Huang announced in March that the retirement and re-employment ages will be raised to the aforementioned ages in 2026.
This is part of a move to progressively increase the retirement age in Singapore to 65 by 2030.
Employers must also offer employees re-employment until they reach 69 years old and by 2030, the re-employment age will be increased to 70.
On its move to raise the retirement and re-employment age ceiling for the second time since 2019, NTUC said it is "committed to supporting its older employees before they reach the retirement age and re-employment age".
"For employees approaching retirement, NTUC engages them early to discuss their re-employment and retirement plans, offering targeted training opportunities to help them remain relevant.
"Older workers are also assured that their employment benefits and salary, remain consistent upon re-employment, unless there is a mutually agreed change in job scope and role."
It added that those who are re-employed will continue to receive "tailored learning and development support", as well as access to welfare benefits and retirement planning.
Job redesign and flexible work arrangements will also be offered where needed.
NTUC secretary-general Ng Chee Meng said: “As a labour movement, we commit to giving our older employees access to meaningful employment opportunities.
"By raising the retirement age and re-employment age for our NTUC employees ahead of the national schedule, we are taking proactive steps to build a more inclusive workforce."
"We care for our older workers and can’t do without them – their wealth of experience, dedication, and resilience are invaluable in driving our economy forward and shaping a stronger Singapore.”
Older NTUC workers like Mr Lee Teck Yeow, 63, said the early raising of the retirement and re-employment age ceiling made him feel valued.
"It's encouraging to know that I can continue to be a valuable part of my team here," added Mr Lee, who is an outlet executive at Kopitiam in Fairprice Hub.
The planned increase in retirement and re-employment ages was first announced by the government in 2019, when employees could be asked to retire at the age of 62, and the first increase took place in July 2022.
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NTUC said in a media statement on Monday (Dec 9) that the retirement and re-employment ages will be raised to 64 and 69 respectively, which is in line with the union's "commitment to age-inclusive employment practices".
About 2,356 employees across NTUC, NTUC Club and NTUC Enterprise, including FairPrice Group, Income Insurance and First Campus, are employed beyond the current retirement age of 63.
Out of those employees, about 448 of them will be able to benefit from the early raising of the retirement age, while about 271 employees can benefit from the re-employment age change.
Minister of State for Manpower Gan Siow Huang announced in March that the retirement and re-employment ages will be raised to the aforementioned ages in 2026.
This is part of a move to progressively increase the retirement age in Singapore to 65 by 2030.
Employers must also offer employees re-employment until they reach 69 years old and by 2030, the re-employment age will be increased to 70.
Related:
On its move to raise the retirement and re-employment age ceiling for the second time since 2019, NTUC said it is "committed to supporting its older employees before they reach the retirement age and re-employment age".
"For employees approaching retirement, NTUC engages them early to discuss their re-employment and retirement plans, offering targeted training opportunities to help them remain relevant.
"Older workers are also assured that their employment benefits and salary, remain consistent upon re-employment, unless there is a mutually agreed change in job scope and role."
It added that those who are re-employed will continue to receive "tailored learning and development support", as well as access to welfare benefits and retirement planning.
Job redesign and flexible work arrangements will also be offered where needed.
BUILDING A "MORE INCLUSIVE WORKFORCE"
NTUC secretary-general Ng Chee Meng said: “As a labour movement, we commit to giving our older employees access to meaningful employment opportunities.
"By raising the retirement age and re-employment age for our NTUC employees ahead of the national schedule, we are taking proactive steps to build a more inclusive workforce."
"We care for our older workers and can’t do without them – their wealth of experience, dedication, and resilience are invaluable in driving our economy forward and shaping a stronger Singapore.”
Older NTUC workers like Mr Lee Teck Yeow, 63, said the early raising of the retirement and re-employment age ceiling made him feel valued.
"It's encouraging to know that I can continue to be a valuable part of my team here," added Mr Lee, who is an outlet executive at Kopitiam in Fairprice Hub.
The planned increase in retirement and re-employment ages was first announced by the government in 2019, when employees could be asked to retire at the age of 62, and the first increase took place in July 2022.
Related:
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