Singapore to raise re-employment age to 67 by 2017

SINGAPORE, Dec 15 (Xinhua) :  Singapore will introduce a new law by 2017 to raise the re-employment of older workers up to the age of 67, Manpower Minister Tan Chuan-Jin said on Sunday.
Tan said the transition time is considerably shorter than the time taken when the law was first introduced to raise re- employment age limit from 62 to 65, according to local media reports.
The change means that older employees up to the age of 67 should be given the option to continue working. Tan said talks are under way with the union and employers to get them ready. There will be incentives to support companies that voluntarily re-employ their older workers up to the age of 67, Tan said without disclosing the details of the incentives.
The employment rate for older workers has steadily increased over the years, from 57 per cent in 2009 to 65 per cent in 2013. Last year, 99 per cent of private-sector local employees who turned 62 were offered re-employment.
Singapore is also faced with the challenge of an aging population. Tan said the local labour force will be culminating in the 2020s as the baby boomer generation are going to begin to retire.