Lim explains that the unofficial retirement age when Singapore was a British colony had been unofficially fixed at 55, so that the British who worked in Singapore would not be too old to re-root back in their home country with their pensions. The significance of the number 55 stems from colonial times, according to economist Lim Chong Yah in a 1999 book, "Wages and Wages Policies: Tripartism in Singapore". The idea of a retirement age was introduced in 1993, to prevent employers from retiring workers once they reach the age of 55.īack then, it was common for companies to ask workers to retire at 55 - the age at which they were allowed to withdraw from their Central Provident Fund (CPF) accounts. Meanwhile, workers can retire anytime they are ready, regardless of what the retirement age is. ![]() Under the Retirement and Re-employment Act (RRA), employers are restricted from asking employees to retire before they reach retirement age, provided that they joined their companies before reaching 55. The retirement age is a restriction for employers and not employees. ![]() This doesn't necessarily mean that we'll work longer before we can retire, however.
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