The National Trades Union Congress (NTUC) announced on Monday that it will raise the retirement and re-employment ages for its employees to 64 and 69, respectively, starting from January 1, 2025. This move comes 1.5 years ahead of the national schedule set by the government. NTUC employs approximately 2,356 workers across its various entities, including NTUC Club, NTUC Enterprise, and subsidiaries such as FairPrice Group, Income Insurance, and First Campus.
Among these employees, about 448 will benefit from the early adjustment of the retirement age, while around 271 will benefit from the change in the re-employment age. Minister of State for Manpower Gan Siow Huang revealed that the retirement and re-employment ages will be progressively increased to 65 and 70 by 2030. Currently, employers are required to offer re-employment to staff until they reach 69 years old.
NTUC expressed its commitment to supporting older employees before they reach these age limits. The organization engages employees approaching retirement to discuss re-employment and retirement plans and offers targeted training opportunities to help them remain relevant.
Raising retirement, re-employment ages early
Re-employed employees will continue to receive tailored learning and development support, welfare benefits, and retirement planning assistance. Additionally, job redesign and flexible work arrangements will be provided as needed. NTUC Secretary-General Ng Chee Meng stated: “As a labour movement, we commit to giving our older employees access to meaningful employment opportunities.
By raising the retirement age and re-employment age for our NTUC employees ahead of the national schedule, we are taking proactive steps to build a more inclusive workforce. We care for our older workers and can’t do without them – their wealth of experience, dedication, and resilience are invaluable in driving our economy forward and shaping a stronger Singapore.”
Older NTUC workers like Mr. Lee Teck Yeow, 63, expressed appreciation for the early increase in the retirement and re-employment age ceiling.
“It’s encouraging to know that I can continue to be a valuable part of my team here,” said Mr. Lee, an outlet executive at Kopitiam in FairPrice Hub. The planned increases in retirement and re-employment ages were initially announced by the government in 2019, with the first increase implemented in July 2022.
