By Desiree Yang
Singapore was dubbed ‘a wealthy nation that can’t afford to retire’ in an article published by CNBC in February last year, with factors such as the high cost of living and increased life expectancy being cited as reasons why many individuals continue working past the statutory minimum retirement age of 62 years.
To add on, the Singapore Government has promised to increase its efforts to support citizens who wish to continue working past their retirement age. The Retirement and Re-Employment Act (RRA) was amended to require employers to offer re-employment to eligible employees who turn 62, up to age 65. In addition, other efforts have been put in place to support citizens who want to work longer – the construction of the Devan Nair Institute, a seven-storey complex located in Jurong East, will provide a wide range of sectorial and generic skills-training opportunities. (Read More Here!)