Minister Josephine Teo on Retirement and Re-employment in Singapore

The employment rate in Singapore for seniors has been rising steadily over the years, with low unemployment rates among the same group. However, not all seniors who want to work, have jobs.

With many of our member companies employing an increasingly older workforce, a new set of human capital issues and responsibilities towards their employees is raised. In this unique event in our Future of Work series​ we have invited the Minister for Manpower, Josephine Teo, to address our members on the work the Tripartite Workgroup on Older Workers is doing to look into these issues. After many rounds of consultation, the workgroup reached a tripartite consensus to gradually raise the retirement age in Singapore beyond 62, and the re-employment age beyond 67. This is a milestone that will provide more assurance to seniors who wish to continue working. In the next phase of its work, the workgroup will build a tripartite consensus on how far and how fast the retirement age and re-employment age should be raised.

Following the keynote speech, Minister Teo will be joined onstage by the CEO for Mercer Singapore, Peta Latimer, moderator Professor Wei-Jun Jean Yeung, Director of the Centre for Family and Population Research at the National University of Singapore, and Sheela Parakkal, Chief Human Resources Officer representing Prudential Singapore, who last year took the decision to scrap the retirement age of 62, allowing the firm's 1,100 employees to extend their careers and decide when they want to retire.

With thanks to our Official Partner for the Future of Work series Prudential​, and the Chamber's Official Diversity & Inclusion Partner Barclays​ for their support in this event and our ongoing activities.