Singapore has one of the highest life expectancies in the world, with the average person living up to 83 years old. This has resulted in a growing concern for retirement preparation and policies in the country. The retirement age in Singapore is currently set at 62 years old, with plans to increase it to 65 by 2030. This has sparked debates and discussions on the adequacy of retirement income and financial support for the elderly. As such, the Singaporean government has implemented various policies to support retirement planning and ensure financial stability for retirees.
One of the key initiatives is the Central Provident Fund (CPF), a mandatory savings plan for all working citizens in Singapore. Under the CPF, employees and employers contribute a percentage of the employee’s monthly salary to the retirement account, which can be withdrawn at the age of 55 or 65. In addition, there are various schemes and subsidies for healthcare, housing, and caregiving for the elderly. For those who are unable to work until the retirement age, there are also social assistance schemes in place to provide financial support.
In recent years, there has been a push towards increasing the retirement age in Singapore, in line with the aging population and longer life expectancy. However, there are concerns about job opportunities and employability for older workers. To address this, the government has also introduced schemes and incentives for