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Retirement and Re-employment (Tripartite Guidelines on Re-employment…
Retirement and Re-employment
Retirement and Re-employment Act
Minimum retirement age is 62.
Company cannot ask to retire before 62 as long as Singaporean or Singapore PR or joined company before 55.
Re-employment Critera
Singapore or Singapore PR
Have worked for current employer for at least 3 years before turning 62.
Have satisfactory work performance.
Medically fit assessed by employer.
Born on or after 1 July 1952.
Those born before 1 July 1952, the act before 1 July 2017 will apply.
Tripartite Guidelines on Re-employment
Identifying the eligible employees for re-employment
Re-employment planning and consultation
Job arrangement for re-employment
Re-employment contract
Offer of re-employment
Duration of Re-employment
Wages, medical and other benefits
Termination with notice
Government initiatives on re-employment
Special Employment Credit (SEC)
Enhanced WorkPro
ADVANTAGE!
Benefits of Re-employment
Address labor shortages with lesser effort
Maximize expertise and increase productivity
Increase in talent retention and loyalty
Increase in branding
Employment Assistance Payment (EAP)
Offered as a last resort
Meant to help older workers to tide over while you look for alternative employment
An one-off payment equivalent to 3 month’s salary. Subject to minimum of $4,500 to maximum of $10,000
Transfer Re-employment
You must be willing to accept re-employment with another employer
The other employer must also be willing to accept re-employment obligations including being require to re-employ you up to age of 67, offering EAP if employer is unable to employ you up to age 67