A Report by CYS Global Remit Human Resource Management Unit
In 2026, Singapore's Ministry of Manpower (MOM) will raise the retirement and re-employment ages in the workforce, a mere two years from now. The retirement age will shift from the current 63 to 64, while the re-employment age will move from 68 to 69. This adjustment aligns with the government's aim to raise the retirement and re-employment ages to 65 and 70 by 2030, allowing employers time to adapt their manpower and upskilling strategies accordingly.
The government offers substantial support and grants to assist employers in accommodating these changes. Surprisingly, nearly 90% of older Singaporeans have expressed support for a retirement age of 63 and beyond, with another 80% endorsing a re-employment age of 68 and higher. This indicates that many senior Singaporeans are willing to extend their working years for various reasons.
Minister of State for Manpower Gan Siow Huang noted, "Some companies will need to adjust their manpower and upskilling plans to retain their senior workers." Thus, how will this impact CYS Global Remit, and how will CYS manage this impending increase in retirement and re-employment age?
At CYS Global Remit, we remain committed to upskilling and providing training opportunities for our senior or less-skilled employees. The Training and Career Development Team (TCD) will source both online and offline courses from institutions like SkillsFutureSG, IBF, WSQ, etc.
These courses will assist our less-skilled employees in bridging competency gaps with their colleagues, enabling them to continue working beyond the retirement age if they so choose. With advance notice of the impending changes, we have ample time to prepare and systematically engage our employees in planning their training and career development objectives to align with our business requirements, thereby enhancing the likelihood of retaining our employees for a longer duration.