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.