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.
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
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)
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
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