Thursday, August 11, 2022

Singapore to increased retirement age upto 65 years by 2022


Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Singapore will increase the retirement age by three years to 65, the country’s Prime Minister said on Sunday.

The retirement age will be increased to 63 by 2022 from the current retirement age of 62 and to 65 by 2030, Prime Minister Lee Hsien Loong said.

Singapore has the longest life expectancy in the world depending on the elderly, if birth rates fall and foreign labor is limited.

“Most senior citizens do not want to stop working. We are healthy for the long term and live longer, but do not want to spend more time in retirement”.

“Many of us also want to increase our savings when we retire”, Loong said.

Read also: Progress Singapore Party launched to contest by-elections 2021

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